Antrim’s Martin Busch elected president of all Ireland body, the Irish League of Credit Unions

After nearly four decades with Lisburn Credit Union, Martin Busch has been elected president of the Irish League of Credit Unions (ILCU).

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.

Mr Busch from Lisburn will now serve a two year term as president of the representative group for credit unions across the island of Ireland.

Across the island of Ireland there are 300 active ILCU credit unions in over 500 locations, supporting over 3.5 million members. Credit Unions are a powerful financial institution with combined assets of over £17 billion and combined savings under management of over £14 billion and more than 3.5 million members.

Credit Unions have also seen significant growth in Northern Ireland in the past decade, with over 800 people employed. Membership has increased by 34%, loans are up 33% and savings are up 76%. Credit unions are the largest providers of personal loans in Northern Ireland, holding 40% of the market for personal lending. With over half a million members in Northern Ireland, more than one in three people in Northern Ireland have a credit union account.

He 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.

“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.”

He explains that unlike commercial banks, credit unions are not focused on making large profits for shareholders. That means they can take decisions based on what is good for their members rather than being answerable to institutional investors or shareholders.

“Any surplus made by the credit union is either paid to members as dividends or as rebates of loan interest paid or reinvested in the credit union to enhance the services we give our members”, he continued.

Mr Busch believes that there is a need for legislative changes to allow credit unions to achieve their full potential in Northern Ireland: “We have been leading a revolution in financial services since our inception and we are a vital part of the financial services sector in Northern Ireland. 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.

“I am very proud to have been elected president of the ILCU and I will work closely with the ILCU executive team and the board to the ILCU so that we can best support credit unions across the island of Ireland to achieve their full potential for the betterment of their local communities and their members.”