LISBURN man Martin Busch has been elected for a two-year term as president of the Irish League of Credit Unions (ILCU), which has an affiliated membership of more than 300 credit unions in 500 locations across Northern Ireland and the Republic.
A long-standing member of Lisburn Credit Union, which he joined nearly 40 years ago, his life-long commitment to the credit union movement has also seen him serve for four years on the ILCU board.
Credit unions in Ireland combined assets of over £17 billion, savings under management of £14 billion, and more than 3.5 million members.
The movement has enjoyed significant growth in Northern Ireland in the past decade, with over 800 people employed, while membership has increased by 34 per cent, loans are up 33 per cent and savings are up 76 per cent.
Indeed credit unions are the largest providers of personal loans in Northern Ireland, holding 40 per cent of the market for personal lending. There are over half a million members in the north, where one in three people hold a credit union account.
Mr Busch said: “I believe that our growth is directly attributable to our ethos. Unlike commercial banks, we are community based financial services providers. Every credit union is co-owned by its members who have a say in how the credit union is run.
“Decisions are made locally, not by an individual in a head office and that means we can be agile and flexible in meeting our members’ needs. The personal touch – the ability to talk directly to the person who will be making the decision on your loan application is hugely significant.”
He added: “The late John Hume established the first credit union in Northern Ireland to combat financial exclusion. That remains a priority for us. We aim to provide fair and affordable credit to all. Our members matter most. Their well-being is our bottom line. Our focus is on supporting our members and meeting their needs”.
Mr Busch believes there is a need for legislative changes to allow credit unions achieve their full potential in Northern Ireland.
He said: “The current credit union legislation is almost 40 years old and the recommendations of a 2016 review have not been given effect. We require action so that we can have the legal ability to develop and provide new financial products to our members.”
