About Us
About Us
The Mission of the Credit Union is to promote the financial well being of its members. To achieve this purpose the Credit Union is committed to providing a range of financial products.
The Credit Union Mission Statement
These services will be administered in accordance with sound management practices to maintain the financial strength of the Credit Union.
What is a Credit Union?
A credit union is a group of people, connected by a 'common bond' based on the area they live in, the occupation they work in, or the employer they work for, who save together and lend to each other at a fair and reasonable rate of interest. Credit unions offer members the chance to have control over their own finances by making their own savings work for them. Every credit union is owned by its members — the people who save with it and borrow from it.
Credit unions exist only to serve members — not to profit from their needs. Surplus income generated is returned to the members by way of a dividend and/or is directed to improved or additional services for members. Members' savings are used to fund loans to other credit-worthy members of the credit union. So, the money in a credit union always remains in the local community or 'common bond' that the credit union serves.
Ongoing success of Inishowen
The ongoing success of Inishowen Credit Union Limited is a testament to the community in which we operate: the members, the savers, the borrowers, the volunteers and all those who have supported our organisation down through the years and continue to use our services.
We now have 3 branches, one in Buncrana, one in Carndonagh, and one in Moville.
Currently we have a Board consisting of 9 Directors, 10 committees, and 33 staff, offering a wide range of services including Loans, Savings Accounts, Life Savings Assurance and Loan Protection Insurance
Board of Directors
The Board of Directors are elected by the members at the Annual General Meeting of Inishowen Credit Union. The Board are responsible for the general control, direction and management of the Credit Union. The Board are unpaid volunteers who give their time and commitment to Inishowen Credit Union, furthering the longstanding Credit Union philosophy of people helping people.
| Paul Brogan | (Chairperson) |
| Colm McColgan | (Vice-chairperson) |
| Kevin Helferty | (Secretary) |
| Nadean Cavanagh | |
| Victoria Coleman | |
| David Doherty | |
| Catherine Gillespie | |
| Frank Togher | |
| John McGonagle |
Our History
The mission of each Credit Union is to provide specific services to its members, mainly in the areas of savings and loans.
The Mission of the Credit Union is to promote the financial well being of its members. To achieve this purpose the Credit Union is committed to providing a range of financial products supported by the excellent service of a dedicated and professional staff. These services will be administered in accordance with sound management practices to maintain the financial strength of the Credit Union. The Board of Directors, Management and Staff of the Credit Union hereby affirm that the efforts of the Credit Union will be consistently and professionally dedicated to the accomplishment of this mission.
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 into 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 Herilhy with the support of a number of other dedicated pioneers.
Since then, the Credit Union philosophy of mutual self-help has proven very popular, and there are now approximately 500 Credit Unions affiliated to the Irish league of Credit Unions, which is an umbrella body representing the vast majority of credit unions in Ireland.
Our Story
Inishowen Credit Union (Carndonagh)was established in 1967.
Buncrana Credit Union Limited was established in 1969 and operated from a rented room on St Marys Road, Buncrana. At that time the Credit Union consisted of 11 Directors, a Credit Committee, a Supervisory Committee and a number of other volunteers. The Credit Union was only open for a few hours each weekend and the directors staffed the office. At the end of the first financial year there were 662 members.
In 2015 Buncrana Credit Union merged with Inishowen Credit Union in Carndonagh to then have over 18,000 members, and our common bond was expanded to include all of the Inishowen peninsula.
Foyle Credit Union in Moville was established in 1990.
In 2021 Buncrana merged with Foyle Credit Union and became Inishowen Credit Union.
The ongoing success of Inishowen Credit Union Limited is a testament to the community in which we operate: the members, the savers, the borrowers, the volunteers and all those who have supported our organisation down through the years and continue to use our services.
We now have 4 branches, one in Buncrana, one in Carndonagh, one in Moville and one in Muff.
Currently we have a Board consisting of 9 Directors, 10 committees, and 33 staff, offering a wide range of services including Loans, Savings Accounts, Life Savings Assurance, Loan Protection Insurance, Quick Lodge, Credit Transfers, Payroll Deduction, Online and Mobile bank
The mission of each Credit Union is to provide specific services to its members, mainly in the areas of savings and loans. The main focus of the Credit Union is to provide those services, rather than to make profits. Any surplus is either reinvested in the credit union to improve services to members or is returned to members by way of an annual dividend and/or interest rebate.
All services are designed by the members with the members needs in mind. There is no distraction by the needs of distant shareholders. All funds stay within the community without any leakage to outside investors or overseas interests.
Values include fairness, equality, dignity, thrift, confidentiality and a concern for community. There is also an interest in building “social capital” (skills and talent in the community to manage local issues) and in generating leadership and development opportunities for members. Surveys show that members appreciate the local, friendly and accessible nature of Credit Unions.
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