Credit union members have amassed savings of €12.6 billion - a rise of 14.5 per cent in the last year, it emerged today.
With around three million members north and south of the Border, the Irish League of Credit Unions (ILCU) revealed average savings of €4,200.
Liam O'Dwyer, chief executive of the ILCU, said the figures showed growing public support for the policy of reinvesting profits. "This once again shows that all surpluses within the credit union movement are reinvested rather then retained as profits. In credit unions members are the only winners," he said.
"It is clear that our combination of sensible rates, personal service (with opening times that suit our members) and our socially responsible approach is increasingly attractive to the public."
The ILCU annual report for 2005 revealed that the 150,000 SSIAs held by members in credit unions will be worth €1.8 billion as they mature over the next 15 months.
The 2005 annual report showed members' loans up 7 per cent from the previous year to just over €7 billion. In the Republic, the average credit union loan at the end of 2005 was €7,600 in the North it was €4,340.
Total assets in the credit union movement showed a 15.4 per cent growth to €14.26 billion in the year.
The report also noted the ECCU Assurance Company, the wholly owned, non-profit subsidiary of the ILCU, generated a surplus of €10.5 million, which is being rebated to member credit unions.
PA