DUBLIN-Ireland’s credit unions are emerging from seven years of difficult times with growing membership, increased savings, and decreased delinquencies, according to the latest numbers here.
But lending remains a challenge, according to data reviewed by The Independent, and loans outstanding continue to decline.
"Most of the indicators for credit unions are positive,” the acting CEO Irish League of Credit Unions (ILCU), Ed Farrell, told the Independent. “Arrears keep falling and the provisioning is there so there should not be any big shocks of more credit unions getting into trouble."
Farrell said predictions by regulators that as many as 20 credit unions would need to be shut down have proven to be incorrect.
Total membership in Ireland’s credit unions is now 2.87 million, served by 365 credit unions that hold approximately €2 billion in reserves. According to year-end figures, 98% of CUs affiliates with the Irish League meet requirements set by the Central Bank to hold a 10% capital ratio.
But the country’s CUs continue to struggle with loans. At year-end 2014, Ireland’s CUs held just €3.56 billion in total loans, down from €4.27bn in 2012, the Independent reported.