90% of credit unions in surplus

THE number of credit unions generating a surplus is likely to be down on 2009 but still close to the 90% figure from that year.

Presenting an overview of the movement’s latest annual performance – for the 12 months to the end of September – the Irish League of Credit Unions (ILCU) said yesterday that the worst of the challenging trading environment should now be behind it and that unions continue to be open for business with €3 billion available for loans in 2011.

In the 12 months to the end of June, more than €2.5bn in loans were granted to customers. In that time, credit union membership grew by 40,000, bringing the number of members to 2.98 million people on the island of Ireland.