Ireland's credit union sector is experiencing significant consolidation, with the number of credit unions decreasing by 58 since 2019. According to the Central Bank of Ireland, 183 active credit unions remain as of April 2025. This decline of over 25% is primarily due to voluntary mergers aimed at managing rising costs and regulatory requirements.
Progressive Credit Union and Drogheda Credit Union are currently in merger discussions, potentially creating the sector's largest lender. If approved by the Central Bank, the combined entity would manage assets of €615 million and serve 120,000 members. The number of credit unions with assets exceeding €100 million has increased from 55 in 2019 to 70 by the end of 2023.
Irish credit unions collectively hold €21.5 billion in assets, a 3% increase from 2023, according to the Central Bank of Ireland’s Financial Conditions of Credit Unions Report published on April 25, 2025. Gross loans outstanding have risen by 12% to €7.1 billion, while member savings have also increased by 3% to nearly €18 billion. The Central Bank is encouraging credit unions to utilize new lending rules to diversify their loan portfolios, particularly in mortgage and business lending. The Central Bank has proposed changes to lending regulations that could increase the sector's total lending capacity to €8.6 billion from the current €2.9 billion.