The Irish League of Credit Unions has assured members that all their savings are safe.
The pledge came from the ILCU Chief Executive Kieron Brennan, who was speaking after it was announced that a review of the sector would be carried out by a consultancy firm.
He said credit unions had performed extremely well throughout the financial crisis and - in stark contrast to the banks - they did not have to be bailed out.
Mr Brennan said he expected that the review would find Credit Unions to be safe, strong and secure.
He said the movement was a diverse one, and that not all of the 500 branches north and south would be operating to the peak level of efficiency and that there would be room for improvement.
Mr Brennan said there were increasing bad debts across the credit union movement.
Referring to the strategic review announced by the Central Bank and the Financial Regulator yesterday, Mr Brennan said he did not believe it was predicated on the culling of credit unions.
The review, to be carried out by accountants Grant Thornton, was requested by Finance Minister Brian Lenihan.
The first phase will look at the financial position of credit unions.
