The annual report of the Irish League of Credit Unions shows that savings by its members rose by 14.5% to €12.6 billion last year.
Loans were up 7% to just over €7 billion, with the average loan of €7,600. Total assets in the credit union movement increased by 15.4% to €14.3 billion.
Today's report said that credit unions would share a €10.5m surplus generated by ECCU, the ILCU's not-for-profit subsidiary which provides life products to the credit unions.
ILCU president Anne O'Byrne said legislative change would be needed soon if the movement were to be allowed to compete properly with other financial services providers. She said the ILCU was having talks with the relevant authorities on possible changes, particularly in the area of mortgage lending. The ILCU report says the restrictive nature of the Credit Union Act 1997 makes it 'impossible' to reach the required volume of mortgage lending.
