UK Credit Unions Has Reached Its Highest Reported Value At £3.98 Billion
30th April 2021
The latest quarterly report by the Bank of England shows UK Credit Unions continue to increase in strength.
The report published on 30 April 2021 showed -
Adult membership of credit unions increased in 2020 Q4 after decreasing in 2020 Q3. The total number of adult members was 1.92 million.
Total assets across the UK increased by 1.6% over 2020 Q4 and reached its highest reported value at £3.98 billion.
The value of loans to members increased for the first time in 2020. Credit union lending increased in every UK region with the total value of loans rising by 2.4% up to £1.63 billion. The largest change occurred in Wales which saw an increase of 9.9%.
Total relevant liabilities exceeded £3.0 billion for the first time on record, having increased by 2.2% across the UK in 2020 Q4.
Related Businesses
Related Articles
3500 thousand credit union members save with Hi-Scot credit union. Starting to save in January will make things a lot easier by Christmas 2024.
At meeting of the board of the Hi-Scot Credit Union the directors agreed not to follow other institutions like banks to put up interest rates. Well worth checking what rates you can still get from a credit union.
Hi-Scot credit union covers the Highland and Islands and is a not for profit organisation helping more and more people. Hi-Scot has been growing slowly over recent years and now holds significant savings.
The figures were revealed as the government plans new rules for the sector, allowing it to deliver more products including car finance. Figures from the Bank of England show that credit unions are lending record sums to UK customers, as the cost of borrowing continues to rise.
Addressing credit union professionals at the ABCUL Conference last month, John Glen MP, Economic Secretary to the Treasury, highlighted the positive impact the sector have in communities across the country. The Minister thanked credit unions in his speech for "delivering services that your members, communities, and the country need...
As the world begins to hesitantly open up, it's no surprise that the past two years have taught us the value of shopping local. But have you ever thought about banking local? "A credit union is rooted in the community, especially as it is owned by its members and not external shareholders," said David Mackay, General Manager of HI-Scot Credit Union.
The Banking Protocol is a rapid response scheme that will enable credit union staff to alert police when they suspect a customer is being scammed. Police will attend the branch within the timeframe of an emergency response, enabling them to provide an effective customer intervention, secure evidence to enable them to investigate the potential scam and sometimes catch fraudsters in the act.
The history of credit unions in USA has been one of growth over many years. The public in many states seem to have moved in greater numbers and saved even more with their local credit union.
World Council of Credit Unions is excited to launch a new monthly podcast that will provide the international credit union community with an in-depth look at some of the interesting and important stories it has to tell, particularly in the areas of international advocacy, international projects, education and networking, and digital transformation. The Global Credit Union Podcast will also be telling stories about the work credit unions across the world are doing on behalf of their members.
This new project aims to share research and resources with credit unions in the UK and Ireland. Filene Research Institute announced an exclusive partnership with the Dublin, Ireland-based CMutual to expand research and resources available to credit unions in the United Kingdom and Ireland.