It is positive to see some successful initiatives being rolled out across the sector – such as the 4/7  BIS central bankers' speeches  introduction of the Member Personal Current Account Service, developed as part of a collaborative effort by a group of credit unions.
Further, there has also been some change in the maturity profile of credit union loan books reflecting a start in utilisation of the additional capacity provided in 2020 – though it is notable that activity in house and business lending has been relatively limited and confined to a small number of credit unions. However, overall, the pace of business model change has been slow.