These data are sourced from the Quarterly Credit Union Return (CQ) and the Annual Credit Union Return (CY).
These returns were introduced on 3 January 2017, replacing legacy forms and aligning the returns with the new prudential Rulebook introduced in 2016. In addition, mandatory electronic reporting was introduced for all credit unions. These changes have led to an increase in the number of firms failing to submit data by the publication deadline. However, these firms account for less than 1% of the Total Assets of the sector.
Credit unions are required to submit their quarterly return to the PRA within one month of their quarter end. The majority of credit unions follow calendar quarters, although there are some exceptions. Data from these exceptional firms are aggregated into the figures for the next calendar quarter end.
Submission of the annual return is required within six months of the credit union’s financial year end, which for the majority of credit unions is 30 September. A small number of credit unions have a different financial year end, such as 31 December. Therefore, it is important to note that the annual statistics, published in July each year, contain data from all firms with a 30 September financial year end, together with those with a year end in the same calendar year and which have already submitted valid data. Further updates of the publication will be made to ensure data from the entire population is present in the annual statistics.
All data are subject to revision if and when new information becomes available. For more information on revisions practices see further details about revisions. Credit union statistics are not seasonally adjusted.
These changes have not had any bearing on the aggregated data published in the tables on the Bank of England website.