The Bank of England has released statistics for the Credit Union sector for the period to 2012 . The results (excluding Northern Ireland) show:
- Continued Growth- The Credit Union sector continues to grow with a 11.5% increase in Credit Union Assets. There was also 9% more Credit Union members in 2012 compared to 2011 despite their being 10 fewer Credit Unions.
- Growth in Shares- As many of you will have experienced, the current economic climate has contributed to shares increasing faster than loans. This is shown in the official statistics where shares grew by 12% compared to a 5% increase in loans. The difference in Scotland is even more pronounced with the rate of increase in shares 10% higher than for loans. Overall Credit Union loans (before provisions) now stand at 75% of the total of Credit Union share balance (including Juniors).
- Arrears– Total arrears (over 3 months) grew by 11% overall in 2012 with a 5% increase in the charge for bad debts provided for and written off. In both England and Wales arrears increased by 14% in Scotland arrears actually decreased in the year.
The statistics can be obtained from the PRA’s Credit Union webpage.