About

A Brief History of CCU

CCU formerly known as Clonard Credit Union and has been in existence since December 1964. CCU has over the years became an instrumental part of the West Belfast community, affording members the financial assistance they require at the most important stages of their lives.

The Credit Union has grown and taken on other local Credit Unions to include Springmount Credit Union in 2012 and Albert and Mutual Credit Unions in 2014. Further to these Transfers of Engagements, the Credit Union opened new branches in Park Centre and Kennedy Centre. Both have been very successful branches. The next step was to broaden our catchment area with a merger of Bangor Credit Union in August 2020. Following on from the success of Bangor CU an additional 7th branch was opened in Millisle in February 2022 with a further Transfer of Engagements taking place from Holywood Credit Union completing in March 2021. CCU also completed the transfer of ABC Credit Union in October 2022, which brought additional offices on the Crumlin Road and Glengormley.

Our most recent transfer from Avila Credit Union was competed in September 2023. From humble beginnings we now stand with:

• Currently over 32,000 members
• Loan book of £38m
• Total assets £91m

What is a Credit Union?

A Credit Union is a non-profit making financial co-operative owned and operated by its members, within a common bond. Its purpose is to help members with their day to day financial needs through regular savings and fair and affordable access to loans. Aims of a Credit Union:

• The promotion of thrift among members by the accumulation of their savings
• To provide loans for the benefit of members at a fair and reasonable rate of interest
• The use and control of members’ savings for their mutual benefit

History of Credit Unions

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 Herilhy 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 over two million members have recognized the value of credit unions, and have savings approaching several billion euro with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.

We offer many services aimed at improving access to financial services and encouraging financial inclusion.