Press Release 24th February 2017

PRESS RELEASE BY C.U.M.A. ON “FINANCIAL CONDITION OF CREDIT UNIONS 2011 – 2016”

Ms. Lisa Stapleton, a spokesperson for C.U.M.A. said:-

“C.U.M.A. welcomes the good news for credit union members, their boards, managements and staffs, contained in “FINANCIAL CONDITION OF CREDIT UNIONS 2011 – 2016”.

When one compares the figures for September 2011 with September 2016, one sees the following:-

  • Average Surplus grew from €0.32M to €0.73M.
  • Average Return on Assets grew from 0.87% to 1.22%.
  • Average Arrears fell from 18.15% to 9.69%
  • Reserves grew from 13.35% to 16.48%.

This is evidence of a hugely strong performance at a time that credit unions were, and are, faced with huge challenges in the form of increased costs, significant regulatory restrictions and increased commercial competition.

This is a robust sector, and it is reassuring to all that it has performed so well. The credit union sector is strong, safe and secure”.