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Wed 16-Aug-2017
NewsUK credit union assets pass £3 billion
15 February 2017
UK credit union assets pass £3 billion

The assets of credit unions across the United Kingdom have reached £3 billion for the first time.

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

The figures, based on information from credit unions across the UK, show that in September 2016 the Northern Irish credit union sector’s assets reached almost £1.56 billion, while England’s credit union assets grew to £837 million, Scotland’s to £570 million, and Welsh credit union assets 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 to September 2016 also saw British credit union membership grow by 3.1% to more than 1.27 million. Credit union deposits grew by 7.8% to more than £1.23 billion, and there was strong growth in credit union lending – up 7.9% to more than £788 million.

Mark Badcock, Treasurer of London Capital Credit Union, said: “Achieving £3 billion in assets is a major landmark for the UK credit union movement. Although over half this figure is accounted for by the Northern Irish credit union sector, which is much larger and longer established than credit unions elsewhere in the UK, it is good to see strong growth in the British credit union movement too.

“At London Capital Credit Union, we are leading the way in the growth of credit unions in England, as our members heard at our AGM recently, and we continue to do all we can to spread the word about the benefits of credit union savings and loans.

“The 7.9% growth in British credit union lending means the sector has lent an additional £1 million per week to British consumers on average over the last year. This shows that credit unions are making a vital contribution to communities and workplaces all over the country.”

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