Credit union loan growth continues fall

LOAN growth at credit unions across the Republic and Northern Ireland declined again in 2007.

New figures from the Irish League of Credit Unions (ILCU), which represents 521 credit unions on the island, show average loan growth of 5% in 2007, down from 6% in the previous year and 9.5% in 2005.

The ILCU’s latest annual report, published yesterday, shows the average loan amount in the Republic was €8,150 in 2007, up 1% from 2006. Over the last five years the average loan size has increased from €6,750 to €8,150.