What is a Credit Union?

What is Cavan Credit Union Vision & Mission Statement


“The vision of Cavan Credit Union is to enable our members to fulfil their economic and social goals delivered from a financial co-operative, imbued with overarching principles of financial inclusiveness and economic democracy, and set in a modern 21st century context”


“The mission of Cavan Credit Union is to become a strong, stable credit union with strong capital reserves, responsibly governed by an effective board of directors, well maintained by a highly skilled management team, up to date in and compliant with all relevant regulations and offering members a complete range of financial services and products for their full life cycle”


The Credit Union Story

The modern Credit Union movement traces its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved in to Credit Unions. The purposes of these Credit Unions was to enable people to help themselves in relieving debt and poverty.

A Credit Union is a democratic, financial co-operative owned and controlled by its own members. Each Credit Union is run only to benefit its members, all of whom have something in common – the common bond.

The Credit Union movement was introduced into Ireland in 1958 by Nora Herlihy with the support of a number of other dedicated pioneers.

Since then, the Credit Union philosophy of mutual self-help has proved very popular, and there are now over 530 Credit Unions affiliated to the Irish league of Credit Unions throughout the country.

In Ireland millions of members have recognized the value of Credit Unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.