DUBLIN, Ireland–The total value of assets held by this country's credit unions have hit a record high of €17.2 billion, according to the Central Bank of Ireland, which regulates credit unions.
Approximately 50 credit unions in the country account for just over half of the total assets held.
Unlike the U.S. however, member savings at Ireland’s credit unions continue to outpace lending, with total outstanding loans now amounting to €4.5 billion. Total savings amount to €14.3 billion.
The average loan to asset ratio, said the Central Bank, has remained at 27% since March 2016, having fallen from 35% at end-March 2013.
Income for the six months to the end of March has also continued to decline, the Central Bank data show.
"The report reflects the continuing challenging business environment for credit unions," Patrick Casey, Registrar of Credit Unions said. "It is one of a number of regulatory supports for credit unions in terms of performance benchmarking, and together with supervisory engagement, seeks to help credit unions in building strong core foundations in the areas of governance, risk management and operational capability."