CREDIT unions in northern Ireland continue to perform well in a struggling economy, with membership up and a significant increase in both loans and savings.
According to the Irish League of Credit Unions (ILCU), the 99 northern Ireland credit unions have £449 million in loans to their membership at the end of september - up 3 per cent on year-end figures from 2012.
Membership has increased by 13,000 in the same period to 425,000, while savings increased significantly to £965m.
With another difficult year for families and households in northern Ireland, these figures are seen as testament to the importance and relevance of credit unions.
For despite significant changes in addition to new and increased regulatory considerations, credit unions remain vital and accessible providers of essential financial services, with members' savings remaining safe and protected.
ILCU director Rosemary o'Doherty, treasurer of Derry Credit Union, said: "We will continue to work with the relevant regulatory authorities to ensure that the needs of the movement are fully reflected in any new legislation and regulation.
"The movement as a whole will continue to make prudent and responsible decisions on behalf of our members.
"Credit unions have high levels of reserves and strive to keep their members' interests at the core of everything they do. the key objective for the ILCU on behalf of its member credit unions is to ensure their future and strength, and improve all our services for all of our members."
"Against a backdrop of a tough economic climate and at a time when other financial institutions may have lost some of their lustre for the public, the credit union ethos is both relevant and attractive.
"over the decades we've remained true to the concept of mutuality, providing essential financial services to everyone regardless of their class, creed or income level. Because each credit union is run by its own members, solely for members' benefit, we are building social capital within our communities.
"We believe that we are on the threshold of major growth as we continue to build membership and respond to the demands of existing members to expand and develop credit union services still further."
Credit unions are the only financial institution in the UK with a capped interest rate, which at one per cent a month in northern Ireland means that a loan with any credit union will not be at a rate higher than 12.68 per cent APR.
In Ireland as a whole, there are 479 credit unions with 3.3 million members.