LONDON--Over the past 10 years, U.K. credit unions has more than doubled their lending and membership – while savings and assets have almost tripled. Figures released by the Bank of England show that at the end of 2014 across 362 credit unions in England, Scotland and Wales show that total membership (including juvenile depositors) rose from 562,577 in September 2004 to 1,173,299 in the latest figures – a 109% increase.
Meanwhile, credit unions that had been holding just £314m in loans outstanding in September 2004, had seen that number rise 119% to almost £688m in September 2014.
Member savings increased 175%, from just over £381m in 2004 to almost £1.05bn a decade later, the BoE reported. Similarly, assets have grown by 187% from £432m in 2004 to almost £1.24bn in September.
“This has been a decade of significant growth for Britain’s credit unions, and it is encouraging to see that growth continue to gather pace,” said Mark Lyonette CEO of the Association of British Credit Unions, said in a statement. “With an increasing focus on credit unions as a place where people from all walks of life will find the savings, loans and other financial products they’re looking for, we are confident credit unions will continue to grow to serve even more people over the next decade.”
The data shows that, including junior depositors, more than 100,000 more people joined credit unions in Britain in the 2013/14 financial year, a total annual membership increase of 9.6%.