The number of credit unions in Ireland has dropped by 58 since 2019, now totaling 183, primarily due to voluntary mergers aimed at tackling rising costs and regulatory pressures. Recent merger discussions between Progressive Credit Union and Drogheda Credit Union could create the largest lender in the sector, termed a 'super credit union.' Meanwhile, the number of larger credit unions is increasing, with impactful asset growth, total assets now at €21.5bn, and loans rising to €7.1bn, indicating a shift towards consolidation for future viability and innovation.
The number of credit unions in the Republic has fallen by more than a quarter in the last five to six years, largely due to voluntary mergers.
Experts said that driving the trend towards consolidation was a growing awareness of the advantages of scaling up as a means to access additional resources.
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