Irish consumers have saved a record €13.3 billion with their local Credit Union. New figures revealed that in 2006 every member with the financial institute saved in the region of €4,360- up 5.5 per cent on 2005.
However, borrowers still owe a staggering €7.5 billion to the organisation, an increase of 8 per cent on the previous year.
The Irish League of Credit Unions annual report 2006 showed the average loan in Ireland was €8,060- up 6 per cent - while residents in Northern Ireland got €4,590, up 5.7 per cent from 2005.
While its €13.3 billion in savings include an increase of 5.5 per cent generated in 2006, the organisation also revealed that around 150,000 SSIAs are also maturing in accounts, worth around €1.8 million.
More than 3 million people are members with 525 Credit Unions in the 32 countries across the island of Ireland.
Total assets for the movement as a whole, showed a further 10 per cent growth to €15.1 billion in 2006 - confirming the strength and potential of the credit union movement and its enormous potential for future positive developments.
"The success of Irish credit unions over an extended period of time is remarkable and the performance as reported in this 2006 Annual Report demonstrates the continuing success of the credit union movement," said Finance Minister Brian Cowen.
"Credit unions have clearly shared in the transformation of the Irish economy and society. This success was not secured by standing still. The credit union movement has worked hard, responded quickly and adapted flexibly to a rapidly shifting environment. This is a lesson, I am sure, the movement will obviously continue to apply."
CEO Liam O'Dwyer said the superb track record of the credit union movement in measuring up to its own high standards as it grows and expands from its original humble beginnings in Ireland 49 years ago.
"Much misinformation and misguided comment has been aired over the past 12 months" he said.
"But this great co-operative movement is going on from strength to strength, it is appropriate to recognise that the governance of the movement is correctly and competently in the hands of 9,500 volunteers, supported by over 3,500 staff. "As the financial marketplace grows ever more competitive and as regulation places greater demands on the movement, how we do what we do will change: why we do it will not."