The Central Bank today (14 December) published its eighth edition of the Financial Conditions of Credit Unions Report. The report provides an update on the financial performance and position of credit unions, to inform credit unions and provide input for boards as they undertake their own strategic analysis and decision-making.
Commenting on the Central Bank of Ireland’s update on the financial condition of the Credit Union sector, Kevin Johnson CEO of CUDA (Credit Union Development Association), stated
“As seen in the report credit unions have the funds and the market reach, and we are delighted to see the breadth of services now available from many of them. The credit union movement could play a more active role, within their respective communities, in supporting housing association ownership, home ownership and retrofitting through sustainable and prudent lending, particularly as banks continue to reduce their presence in local towns and villages across the country. While credit unions have invested heavily in their digital capabilities in recent years to meet the convenience needs of many consumers, they have not abandoned those, of all ages, that prefer the face-to-face customer experience, whether it’s a simply transaction or a complex query.
The sector can only achieve its potential though continuing with their business model change, and this has to be enabled by an appropriate legislative and regulatory framework. Given the right structure, this could increase from current level of €5.25bn to €10.5bn. We are constructively engaged in the Government Policy Review process and look forward to amended legislation that will enable all credit unions and their members prosper.”