UK Credit Union Sector Assets Increase says Bank of England Data

Tuesday 23 January 2024

Friday 30 July saw the Bank of England publish its annual credit union statistical report based on annual return data for the credit union financial year ending 30 September 2020. Despite the time lag in the data’s publication, it provides a unique insight into the position of the UK credit union sector.

The figures covering the financial year for 2020 shows that credit unions in the United Kingdom now serve over 2 million people and collectively hold assets worth over £3 billion.

The new data shows capital has steadily increased over the last 5 years as the assets of the sector have grown. Total UK assets increased by 9.46% to £3.85 billion and England saw the largest relative increase, rising by 14.8%.  Total UK value of loans outstanding at financial year-end 2020 amounted to £1.58 billion, having decreased by 3.6% compared to 2019. England was the only region to report an increase in value of loans outstanding at the financial year-end, having risen 2.4%

It also shows that credit unions in England now serve over 870,000 members, almost £1 billion million in savings and over £630 million out on loan. Scotland’s credit unions serve almost 400,000 members. Scottish members now have £640 million in savings and total assets of over £730 million. The data also shows that Welsh credit unions are serving over 70,000 people, who have almost £50 million in savings and who are currently borrowing £23 million.

Commenting on the published data, ABCUL CEO, Robert Kelly: “It is encouraging to see the growth in across the UK and that our sector continues to gather pace as more people from all walks of life trust credit unions as a place to save, as well as a great option for loans and a range of financial services.”