DERRY, Ireland–Member William Moore has been named as the recipient of Derry Credit Union’s one-millionth loan. It is the first credit union in Ireland to hit the milestone.
Derry Credit Union.
“Since 1960 we have issued one-million loans with a total value of £550 million – funds made available entirely by members through the pooling of their savings,” said the credit union’s general manager, Joan Gallaher. “With their credit union loans, borrowing members have invested in their children, families and local community. We’ve never received one penny of government funding but we’ve demonstrated what can be achieved when we believe in ourselves and work together.”
According to the Independent, over the last 56 years 50,550 people have benefitted from their membership of the credit union. As well as the £550 million paid out in loans, the credit union has also paid out £44.5 million in dividends to savers and £12.4 million to borrowers in interest rebates.