The Irish League of Credit Unions (ILCU) today reported a 15 per cent rise in savings by members to €10.9 billion for 2004.
The ILCU said non-mortgage personal loans totalled €5.6 billion, up 9.5 per cent on the previous year.
It recorded a 15.7 per cent growth in total assets to €12.5 billion and said it had increased its membership base by 3.5 per cent in 2004.
It said research conducted by Irish Marketing Surveys shows that 40 per cent of adults in the Republic held a credit union account.
Speaking at the publication of the findings, Taoiseach Bertie Ahern said: "The co-operative principle has always had a strong appeal in Ireland and Government is keen to foster that unique spirit of community self-help and empowerment."
Mr Ahern complimented credit unions for providing access to financial services in rural and disadvantaged communities. He described the league as "a uniquely Irish success story which started from very small beginnings in 1958.
"Now credit unions are a vital part of every community," Mr Ahern added.
ILCU President John O'Regan said that the future of the credit union movement - even within a low interest environment - is well secured and reflects the flexibility, prudence and strength of credit unions in Ireland.
ECCU, the insurance subsidiary of the league, generated a surplus of €6.7 million, which is being rebated to member credit unions.