Scottish deposits hit half a billion pounds
04 May 17
Credit unions in Scotland now hold half a billion pounds of consumers’ savings.
The major landmark is revealed in the latest statistics released by the Bank of England, which show that members’ deposits in Scotland reached £500 million in the final quarter of 2016 – an increase of 7.3% from the previous year.
The figures also show an annual increase of 2% in Scotland’s total credit union membership to more than 396,000 people, including 59,000 junior savers.
At the end of 2016, the Scottish credit union movement’s assets had grown to £574 million, and £283 million was out on loan to members.
The latest figures highlight a decade of significant growth for Scotland’s credit union sector. Since 2007, membership of the nation’s credit unions has grown by 73%, lending has expanded by 74%, and the Scottish credit union sector’s assets have more than doubled by 149%.
The half a billion pounds now saved in Scotland’s credit unions compares with the £192 million the sector held in deposits back in 2007 – a massive increase of 160%.
ABCUL Chief Executive Mark Lyonette said: “Scotland has a proud history of strong credit unions, and with consumers trusting the sector with half a billion pounds of their savings, it’s clear that Scotland’s credit unions have a bright future ahead of them too.
“As more and more politicians and employers understand the massive contribution easy access to savings and loans through credit unions makes to building a financially healthy population, Scotland is well on its way to being a Credit Union Nation.”
Everyone in Scotland has a credit union they can join, and with 7.3% of the population now using a credit union, Scotland has the fourth highest level of credit union membership in Europe (after only the Republic of Ireland, Northern Ireland and Poland).