Credit unions membership climbs 4%

The annual report of the Irish League of Credit Unions published today has shown that loans and savings with the country's 500-plus credit unions is still on the rise.

Credit card membership has grown by 4% to 2.7 million people. The loan book is up 7% to €6bn, while savings clock in at €10bn, up 17.5%.

The report shows that the average size of a credit union loan is €7,000, with over a third of loans for €750 or less.

In response to the growth of the market, ILCU president John O'Regan called for changes to the Credit Union Act, such as the allowing of larger loans and the easing of restrictions on the use of deposit accounts.