Overall figures from ILCU

[Brendan Burgess]

See attached presentation made by the ILCU today

Savings €10.5 billion

Loans €3.9 billion

reserves €1.9 billion
Loan provisions €0.7 billion
Total reserves and provisions: €2.6 billion ( 67% of loans)

Net loan in arrears : €564 million (Gross loans of €725m less €161m in shares as security)

The figure for actual arrears is not given.


(Note the presentation actually says "Loan arrears - net" but it actually means "Loans in arrears" as distinct from the amount of arrears.

 

[Brendan Burgess]

These figures relate to ILCU members only.

There are 13 credit unions who are not affiliated to the ILCU. Newbridge was one of them.

 

[Brendan Burgess]

So the members of the League have €3.9 billion of loans outstanding.

They have reserves and loan provisions of €2.6 billion available to fund these.

Which means that they only need €1.3 billion from members' shares.

But they have €10.5 billion in shares. They could hand back €9 billion to their members and still fund the loan book.

Extraordinary numbers.

Brendan