Derry Credit Union promises to deliver as millionth loan paid out

Depending on the outcome of the UK referendum on Thursday on its membership of the European Union, William Moore may in the future need his passport to go to work every day.

Like thousands of cross-Border workers, Moore is waiting to see just what the referendum will mean for his journey to work every day.

But at least Moore, who lives in Derry and works in Letterkenny, can be sure one of thing: all he will ever need to access his account at Derry Credit Union is his credit union book – Brexit or not. At least, that's the promise of credit union general manager Joan Gallagher.

Moore is the recipient of Derry Credit Union’s millionth loan. It is the first credit union in Ireland to hit the target and, regardless of what the future might hold at this uncertain time, Gallagher says its members know that it is there for the long haul.

“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.

“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,” she said.

Dividends

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 union has also paid out £44.5 million in dividends to savers and £12.4 million to borrowers in interest rebates.

The positive impact that Derry Credit Union has and continues to effect in the wider economy should not be underestimated, the city's chamber of commerce says. Chamber president Gavin Killeen believes it is one of the foundations of the region's economy.

“It not only provides loans to its members to buy important goods, but it also provides interest on savings and supports local people who want to save.

“The credit union has provided much support for small businesses and has often been the first port of call when traditional lenders were reluctant or slow to respond to requests,” Killeen added.

According to Gallagher, while the Brexit debate is a major issue for Derry given its geographical location, the outcome is not a major topic of discussion among their members in relation to the credit union.

“They see us as always having been here. Whether it is a vote in or out, we will be here to serve the best interest of our members and not the bottom line. We are rooted in the community”.

That community, of course. lives and works on both sides of the Border. Derry Credit Union operates one of the busiest bureau de change in the city exclusively for its members, with the euro top of the exchange lists.

Gallagher says it is a particularly busy time for the bureau, given the number of people travelling to support both Northern Ireland and the Republic in the Uefa finals in France. But she is looking well ahead of both football and Brexit results when it comes to building on the credit union’s successful track record.

Range of services

Gallagher believes its record growth in membership, shares and loans issued illustrates that there is just as much a demand for affordable credit in 2016 as there was when the union first opened in 1960.

“We offer a range of services, not just savings to loans. We also have, for example, a prepaid Visa debit card and we are expanding our ebanking services. We will continue to deliver more services for our members,” she says.

In the meantime, she is content that the union member who took out the millionth loan is happy. William Moore said: “I never really took time before to think about the number of times the credit union has helped me. Now thinking about it, I’m really thankful for all the times I’ve been pulled out by it. Thanks!”