Credit union body reports surplus hike of €130m

The country’s main umbrella body for credit unions has reported a €130m increase in combined surplus for its 387 members in the Republic for the nine months to the end of June.

In a mixed bag review, the Irish League of Credit Unions (ILCU) said the combined surplus of its members amounted to €227m, up from a €93m profit at the end of Jun 2011. It said more credit unions should be in a position to pay dividends for 2012.

However, while savings levels remained stable, at €11.53bn, and membership increased by 35,000 people to 3.11m — on a 32-county basis — impairment provisions for bad and “doubtful” debts in the Republic rose from €672m to €723m, and 16% of all credit union loans are currently considered “doubtful”.