THE Irish League of Credit Unions (ILCU) has published the first all-island report highlighting the community impact of credit unions, showing €8 million worth of contributions in support of communities across the island of Ireland in 2024.
The support from individual credit unions took the form of cash through community funds, sponsorships and bursaries to members and organisations within their common bond. Contributions from 305 credit unions supported a diverse range of projects, programmes, and organisations in communities across the country, in areas such as education, arts and culture, sport, health and wellness, and sustainability.
In total, close to €8 million was donated by credit unions in 2024 – €7,169,551 million in the Republic of Ireland and £686,383 (€824,415 million) in the North. Of this overall figure, €3.71million was contributed via community funding, €3.5million was contributed via direct sponsorship, and €780K was contributed via bursaries and scholarships.
Commissioned to fully understand how much is being given by credit unions to individual communities in the Republic and the North, the ILCU engaged and surveyed credit unions across Ireland in 2025 as well as reviewing information from annual reports. The first of its kind for such an analysis, 2024 was chosen as a benchmark to accurately map all types of contributions and serve as a basis for future reporting.
The North's Economy Minister Dr Caoimhe Archibald said: “The number and breadth of community causes supported by Credit Unions across the island is inspiring. The increasing provision of critical financial support and services to members, along with a growing contribution to the wider economy and providing important support for local communities and good causes, shows that the Credit Union sector is flourishing.
“I look forward to our continued collaboration with the sector as it expands and grows as a key financial service provider.”
The Economy Minister Dr Caoimhe Archibald (front row, middle right) at Derry Credit Union for the launch of the Irish League of Credit Unions' First Community Impact Report for Credit Unions
Brendan Jenkins, President of the Irish League of Credit Unions, stated: “I am delighted to introduce this first all-island report highlighting the community impact of credit unions, tangibly demonstrating their importance to communities. The work of credit unions is more than numbers and financial figures, and the report showcases multiple examples of credit unions going beyond their financial role, serving as hubs for local communities. This report is a benchmark that can inform future activities for credit unions, as they continue to grow with communities across Ireland.”
Commenting, Martin Fisher, Head of Northern Ireland at the Irish League of Credit Unions, said: “This report is a very important milestone for the Credit Union movement. The island of Ireland has a higher number of Credit Union members per capita than any country. Here in the North, there are over 130 Credit Unions contributing significantly to improving the lives of their members and their communities. Since the first Credit Union opened in Derry, the not-for-profit and community ethos of the movement has become well recognised, Credit Unions are financial services providers that are truly focused on those that they support.
“Looking to the future, building on their community presence, Credit Unions are evolving and innovating to compete in the modern financial services landscape. This report serves not just to quantify the work and demonstrate the breadth of impact to date, it is very much a signal of intent from the movement in its future commitment to communities and ambition to grow as a financial services provider.”
