The value of savings held in credit unions rose by 5.5% last year to €13.3 billion, according to the annual report of the Irish League of Credit Unions.

Loans advanced to members rose by 8% compared with 2005 to €7.5 billion. Total credit union assets grew by 10% to €15 billion.

The report said a number of legislative changes introduced during the year would benefit credit unions. These include increases in deposit limits and a loosening of restrictions on loans.