Credit union member savings up 14.5%

DESPITE a 14.5% surge in Irish credit union member savings to €12.6 billion last year, major changes are needed if the movement is to develop even further.

This is according to the chief executive of the Irish League of Credit Unions (ILCU), Liam O’Dwyer, who said that the strength of credit union lending growth by comparison to the Irish financial marketplace continues to lag.

“Clearly the movement has some efficiency grounds to make up in respect of systems, marketing and convenience for borrowers, but regulatory restrictions on both sides of the Border do credit unions no favours.”