ILCU Q2 Performance Report

ILCU Q2 Performance Report

The Irish League of Credit Unions (ILCU), which represents over 90% of the total active credit unions in the Republic of Ireland, has released the Q2 2023/24 quarterly performance results on behalf of its member credit unions.

The results for the quarter (January to March 2024) highlight a continued strong lending performance up 2.7% in the quarter and 13.6% for the last 12 months with a significant increase in mortgages.
Arrears remain close to all-time lows. Credit unions have funds to lend and are continuing to provide much needed affordable finance to 3.25 million members throughout the country as the market leader with over 50% market share in the personal unsecured lending market.

Savings & Loans
The assets of ILCU affiliated credit unions stood at €18.1 billion at the end of March 2024. This has increased by over 40% over the last 10 years reflecting the continued growth of credit union activity. Similarly, savings in ILCU affiliated credit unions have increased to €15.2 billion illustrating the ongoing and continued trust by members in their credit union. This represents an increase of 0.9% in savings during Q2 2023/24.

With regard to lending, Q2 2023/24 showed an extraordinarily strong performance across all areas of 2.7%, when compared to a growth of 2.4% in the same quarter last year. In total, there were over 90,400 new loans issued in the quarter, this is up 4% on the same quarter last year which equates to over 1,000 loans issued every day.

There has been a phenomenal increase in credit union mortgage lending in recent years. For the 12 months to 31 March 2024 the value of credit union mortgages issued is up 71%. The credit union mortgage loan book has passed a key milestone of €500m and is on target to reach €1 billion over the next two years. Public demand for credit union mortgages continues to grow, driven by competitive rates but also importantly by a personalised service with quick turnaround times. The Credit Union (Amendment) Act 2023 is an enabling piece of legislation that will facilitate credit unions to increase their national presence in mortgages.

The increases in lending are in the context of near historic low arrears of 2.7%. This compares to a current 90-day mortgage arrears ratio of 4.1% (CBI Residential Mortgage Arrears report published 26 March 2024[1]). This highlights the quality of credit worthiness assessment, vigilance, prudence and constant monitoring displayed by credit unions throughout Ireland.

Current Accounts & Digital Payments
Credit unions processed in excess of 20m electronic payments in the last quarter, of which 50% were card based and 50% SEPA transfers. Of the card-based transactions, 95% were point of sale or online with 5% ATM withdrawals.  In terms of point-of-sale transactions, contactless was by far the preferred method, with 62% of all point-of-sale transactions paid using contactless payment. In terms of current account growth, over 1,000 new credit union current accounts were opened weekly in the quarter showing continued growth in the number of people choosing to bank with their local credit union.

Credit unions in over 280 locations across the country are providing current accounts which are potentially accessible to 2.5 members. Credit union current accounts provide instant access to your money through our Mastercard® Debit Card with contactless, a secure app, online portal and apple pay, google pay, fit bit functionality.

David Malone, CEO of the Irish League of Credit Unions commented; “These robust financial results highlight the continued growth trajectory and future potential of credit unions, and opportunities that they offer members all across Ireland.

“Coupled with the over 90,000 loans in the quarter issued by our credit unions there is a constantly growing pipeline of demand for loans which our members are ready to facilitate given the funds we have to lend at competitive rates.

Mr Malone continued, “Credit unions were recently identified by the public as the most reputable organisation in the country for the second consecutive year, according to the 2024 RepTrak® study. This level of reputation and trust provides the platform for us to further grow and develop and in this context, we are looking forward to the forthcoming results of the Central Bank’s review of the lending framework. We are hopeful that the review will yield targeted changes to allow more choice for consumers and remove crisis-era restrictions. The changes that we are looking for will allow more mortgages and business lending to improve competition in a safe and prudent manner.

“Credit unions are in every community in Ireland, with over 400 locations, 3,000 staff and 3,000 volunteers, and the trust placed in us is reflected in the ongoing growth in demand for services.”

SEPA Payments

SEPA Payments

This weekend, 15th to 17th March 2024, the European SEPA Payment Schemes will undergo a planned maintenance which may cause delays in processing payments.

This means that any payments made Friday 15th March may not reach the intended beneficiary until Monday 18th March.

As a result, if you want funds to reach an account by Friday, we advise you to make a payment by Thursday 14th March to ensure that the beneficiary account is credited on Friday.

Please note, you will have full online access as usual during this period. If you have any questions, please don’t hesitate to contact us.

Credit Union Quarterly results show exceptionally strong lending performance

Credit Union Quarterly results show exceptionally strong lending performance

The Irish League of Credit Unions, on behalf of its affiliated credit unions, has released Q1 2023/24 quarterly performance results on behalf of its affiliated credit unions in ROI.

The results for the quarter (October to December 2023) highlight a continued upward growth trajectory in loans, with a significant increase in mortgages and business loans. Arrears remain close to all-time lows.

Commenting on the report, ILCU CEO David Malone said
“Credit unions delivered over 110,000 loans in the quarter which is over 8,000 loans per week. To put that into context that’s €631 million per quarter of lending to people or over €48 million per week. What these latest quarterly results show is that not only are people availing of credit union services but that there is a growing pipeline of demand for loans which our members are ready to facilitate.

He continued, “Looking to the future and building on this continued growth, the Central Bank’s review of the lending framework is crucial. This is in the context of the dramatic increase in mortgage lending as changes are needed to meet customer demand, increase flexibility, allow credit unions compete on a level playing field and provide real competition in mortgages and business lending. We have engaged with the Central Bank on its lending review but are now looking for targeted changes to allow more choice for consumers and to reduce the dominance of the retail banks. The changes we are looking for will allow more mortgages, remove crisis era restrictions and allow more business loans thereby enhancing competition in a safe and prudent manner”.

Job Vacancy – Teller/Member Service Officer

Job Vacancy – Teller/Member Service Officer

Mulcair Credit Union currently has a vacancy for the position of Teller/Member Services Officer.

Mulcair Credit Union is seeking applications from self-motivated individuals who want to be part of a growing organisation. Applicants should be committed to achieving high standards and have a flexible approach to work.

General Scope of the Role

The successful candidate will be responsible for carrying out a range of administrative and operational activities that contribute to the effective running of the credit union.

Both full-time and part-time positions available.

Main Purpose of the Role

The position will require assisting members with all aspects of Credit Union Business while working as part of a team to provide administration and support in dealing with:

  • Delivering an excellent member service across multiple delivery channels including in person, over the telephone and online.
  • Explaining products and services offered by Mulcair Credit Union to current and potential members.
  • Processing member transactions including lodgements, withdrawals and transfers, opening accounts and re-activation.
  • Issuing member loans and ensuring that the loan conditions are satisfied.
  • Deal with and resolve member queries.
  • Accurately and diligently handle cash, reconcile balances and account for any shortfalls/excess.
  • Operate within the risk and compliance frameworks to ensure adherence to all regulatory AML requirements policies and procedures.

The ideal candidate will have:

  • Excellent attention to detail and administration skills.
  • Experience working in a role within a credit union or similar financial institution ideal, but not essential as full training will be provided.
  • Excellent customer service, interpersonal and communication skills.
  • Strong teamwork ability.
  • Ability to use discretion and sensitivity in dealing with members.
  • Ability to make decisions and take responsibility.
  • Knowledge and understanding of the ethos of Credit Unions.
  • QFA/CUA, relevant diploma or degree ideal but not essential, minimum leaving certificate required.

How to apply:

Please forward a covering letter and CV to , applicants should clearly state the role they are applying for.

Short listing may apply, and assessment will be based on the information provided in the application.

Mulcair Credit Union Limited is an Equal Opportunities Employer.

ALERT! Fighting Festive Fraud on Black Friday

ALERT! Fighting Festive Fraud on Black Friday

12 tips for Fighting Fraud this Festive Season: Be Informed, Be Alert, Be Secure – Be FraudSMART

As we approach the festive season, FraudSMART is here to ensure your safety. Both consumers and businesses need to be vigilant against frauds and scams during this busy time.

Everyone is a target especially with the increasing complexity of frauds and scams and during the festive season when we’re all busy enjoying this time of year. Fraudsters target us through various channels, including emails, social media, and phone calls.

Here are 12 essential tips to help you stay safe: 

  1. Never click on unsolicited links in texts or emails.
  2. Avoid public Wi-Fi for online purchases; use a secure connection.
  3. Keep your computer’s security up to date with reliable antivirus and browser software.
  4. Shop directly from trusted retailers’ websites. 
  5. Be cautious of unbelievable deals or miracle products.
  6. Use reputable payment suppliers or Verified by VISA/Mastercard Secure Code.
  7. Watch out for fake calls from your bank or utility companies.
  8. Purchase tickets from secure and reputable websites.
  9. Limit personal information sharing on social media. 
  10. Avoid saving passwords on your mobile device unless necessary, and protect your phone with a passcode.
  11. Your bank will never ask for your full PIN or online banking passwords. If in doubt, call your bank using the number on your card.
  12. Report any suspected fraud to your bank immediately.

Stay safe and enjoy the festive season without falling victim to scams. Be vigilant and share these tips with your loved ones to help protect them as well.

Wishing you a secure and joyful holiday season.