Credit unions are financial co-operatives based on the principles of open membership, democratic control, limited interest on capital, equal distribution of any surplus, education and fédéralisation. Currently, there are 570 registered credit unions in Ireland, 148 of which are located in Northern Ireland. With approximately 12 percent of the population holding credit union membership, credit unions increasingly occupy an important position within the Northern Ireland financial services sector. That credit unions have thrived in Northern Ireland can be largely attributed to two main factors; firstly, the structure of the Northern Ireland credit market which can be considered as a concentration of close knit communities; and secondly, the role of the Roman Catholic church in the active encouragement and promotion of the credit union ideal (Quinn, 1994).