Credit union
The first recorded credit union in the United Kingdom was formed in Derry, Northern Ireland, in 1960. Inspired by the formation of the first credit unions in the Republic of Ireland, six individuals pooled their savings and formally established the Derry Credit Union. In Great Britain, modern day credit unions emerged in the mid-1960s in London and Scotland. The first recorded British credit union was the Hornsey Co-operative, established 1964 in North London by Caribbean families, and is the foundation of what is now London Capital Credit Union. Credit unions were popular in the Caribbean and large numbers of first generation Caribbean-British would become members of credit unions. By 1998, 38% of Caribbean British adults were members of credit unions. In Scotland, several credit unions were established by immigrants from Ireland. In Glasgow, credit union coverage and membership remains broad: one in six Glaswegians is member of a credit union, with nine employee credit unions and 25 community credit unions serving the city.