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.
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.
A new £15 million fund has been announced to support affordable lending services. It will support Credit Unions and Community Development Financial Institutions (CDFIs) which offer financial help to those who have poor credit and are often turned away from high street banks.
International Credit Union (ICU) Day celebrates the spirit of the global credit union movement. The day is recognized to reflect upon the credit union movement's history, promote its achievements, recognize hard work and share member experiences.
If your business would like to support employees in building a regular saving habit, call HI-Scot Credit Union..
2020 has not been the easiest of years and, for many people, saving has been the last thing on their minds - but there's never been a more prudent time to think about putting money aside for a rainy day. Or a global pandemic.
A Hi-Scot credit union loan is now easier than ever to arrange for members. Cars are a popular reason to borrow but loans can be arranged for a wide range of things.
Hi-Scot Credit Union covers the Highland and Islands and is membership organisation covered by the Financlal Services Authority Directors are elected each year and are unpaid volunteers with professional staff running the day to day business. Online banking has recently become available for members.
Hi-Scot Credit Union is a membership organisation covered by the Financial Services Authority who guarantee savings in credit unions. It makes sense to save with us Everyone benefits from regular saving, as it allows us to work towards our financial goals and gives peace-of-mind should an emergency arise.
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"As we enter our fourteenth year of business, we'll be spreading the word about the benefits of saving with the credit union," said HI-Scot's General Manager, David Mackay. "HI-Scot is member led and member run and we offer a range of services." HI-Scot is well established in the Western Isles, where the credit union is based.