Credit union sector ‘stable’ reveals Central Bank

The credit union sector has stabilised and lending has increased, according to the Central Bank, although it added there was still pressure on the credit union business model.

In its report, ‘Financial Conditions of Credit Unions: 2012-2017’, the second such report following one issued last February, the Central Bank said there had been growth in new lending and a decrease in the level of reported arrears.

Total assets increased by €3.1bn between 2012 and 2017 and currently stand at €16.8bn, while members’ savings rose by €2.3bn in the same period.