The report of the Registrar of Friendly Societies for 2000 shows rapid growth in the credit union movement.
Figures in the report show that between 1997 and 1999, the number of credit unions with assets above £20m increased from 30 to 53.
The Registrar's report recommends that the credit union movement should carefully invest in technology that meets the needs of the movement efficiently.
It also says members' funds should be 'prudently invested' in appropriate areas only and that credit unions should have greater rotation in their board memberships.
The Registrar supervises 438 credit unions, 106 friendly societies, 71 trade unions and 1,111 other groups including agricultural co-operatives.
Science, Technology & Commerce Minister Noel Treacy said he supported the Registrar's strong stance on the poor compliance record of some non-credit union categories in submitting annual returns.
