Credit Union loan arrears fall 20%

The value of credit union loans in arrears fell by almost a fifth in the last 12 months as the financial position of many lenders and borrowers begins to show signs of improvement.

Gross loan arrears with the country’s 370 credit unions stood at €644m in June, down 17% or €130m on the same period last year. Loan arrears peaked at €925m in December 2011 in gross terms, but have fallen by €281m since then.

The Irish League of Credit Unions, which produced the overview, does not hold figures for the number of people in arrears.