BELFAST, Northern Ireland–Membership in Northern Ireland’s credit unions continues to surge. According to the Irish League of Credit Unions, membership is up 4% to 477,000 in Northern Ireland, which has 93 member credit unions.
In addition, assets held by its member unions in Northern Ireland had grown by 6%, or £78 million, and now stand at £1.36 billion. The average asset size of credit unions is now £15 million.
The data does not include institutions that are members of the Ulster Federation of Credit Unions, and a small number of independent bodies.
"Credit unions have been very proactive in growing lending over the past year, and this has been demonstrated by the fact that the vast majority are now reporting lending increases,” said ILCU president Brian McCrory, as quoted by The Independent. “The figures are reflective of a movement that continues to grow and strengthen, while confidence continues to be expressed by the steady rise in membership…”
The ILCU said 72 of its 93 unions in Northern Ireland had recorded growth in their loan books.