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UK’s credit union assets hit £3bn

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03 Feb 17

The assets of credit unions across the United Kingdom (including Northern Ireland) have hit £3 billion.

This significant milestone in the credit union movement’s growth was revealed in the latest statistics published by the Bank of England this week.

The unaudited figures – based on quarterly returns from credit unions across the UK as at 30 September 2016 – show that the proportionately larger Northern Irish credit union sector’s assets reached almost £1.56 billion, while England’s credit union assets have grown to £837 million, Scotland’s to £570 million, and Welsh credit union assets have reached £46 million.

This represents year-on-year growth in assets for credit unions in Great Britain (England, Scotland and Wales) of 7.9%.

The 12 months from September 2015 also saw British credit union membership grow by 3.1% to more than 1.27 million – including 134,000 junior savers.

Credit union deposits grew by 7.8% to more than £1.23 billion, and there was once more a strong growth in credit union lending over the year – up 7.9% to more than £788 million.

ABCUL Chief Executive Mark Lyonette said: “£3 billion in assets for credit unions across the UK is a major milestone in our movement’s development.

“While the older and proportionately larger Northern Irish credit union sector accounts for half of this figure, it is extremely encouraging to see the continued strong year-on-year growth of the British credit union movement.

“In particular, the 7.9% growth in British credit union lending means our sector has on average lent an additional £1 million per week to British consumers over the last year – proof that credit unions are doing even more to make a vital contribution to the financial health of people in communities and workplaces right across the country.”

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