Credit Unions see lending increase 8% to €7.5bn

CREDIT unions in Ireland extended their reach into the economy north and south in 2006 as membership climbed to well over 3 million and lending increased 8% to €7.5 billion.

The movement, represented by the Irish League of Credit Unions (ILCU) saw savings achieve record levels over the 12 months with the amount lent up 5.5% to €13.3bn, according to the ILCU annual report.

Total credit union assets grew 10% to €15bn over the same period.