Department of Finance
Published at: 7 December 2018
Last updated 29 January 2019
Ireland has one of the highest levels of credit union member penetration in the world.
The credit union sector is a large employer with 3,500 employees, putting it in the top 5 financial services employers in the State.
Credit unions have a volunteer ethos and community focus with 9,200 volunteers involved in the sector.
Credit unions ranked Number 1 again in 2018 for Customer Experience Excellence.
As at 31 March 2019, there were 247 active credit unions with assets of approximately €18 billion and membership of around 3.1 million.
55 credit unions have assets greater than €100m and collectively account for 58% of the assets of the sector.
Credit unions are very liquid with an average liquidity ratio of 38.1% and have an average regulatory reserve of 16.5%. Average arrears are now 5.2%.
As with most financial institutions in the current low interest rate environment, credit unions need to increase lending having an average loan to asset ratio of 28%.
247 active credit unions in the Republic of Ireland serve the needs of 3.1 million members.
The role of Minister for Finance is to ensure that the legal framework for credit unions is appropriate.
The Registrar of Credit Unions at the Central Bank
is the independent regulator for credit unions in Ireland.
The main representative bodies are:
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