The Credit Union business model in Ireland has a near total reliance on funds based income; interest income from the loan book coupled with income from the investment book. Less than 1% of overall income is generated from other sources. In other jurisdictions, Credit Unions have expanded the member proposition significantly and generate in excess of 20% of income from non funds sources such as insurances, investment and retirement products. and some other forms of lending.
The Intermediation workstream is reviewing how we might broaden the offer to members with whom we enjoy tremendous trust and provide them with access to a range of ethical financial services from their Credit Union. In doing so, the business model of the Credit Unions can be strengthened and made more sustainable.
The benefits of intermediation may include: