Mortgage lending at credit unions rises by 10% [Video]

Mortgage lending at credit unions rose by 10% to €518 m in the three months ending in June, according to the latest quarterly report from the Irish League of Credit Unions (ILCU).

Mortgages now represent nearly 10% of the total loan portfolio of credit unions.

The ILCU attributes this growth to strong demand, spurred by competitive rates and personalized service with quick turnaround times.

ILCU CEO David Malone emphasized that credit unions are providing much-needed competition and customer choice in a highly concentrated mortgage market.

However, he expressed concern over “arbitrary crisis-era regulations” that limit the amount credit unions can lend for mortgages.

“These limits are actively prohibiting competition and are not in the best interests of financial stability or enhanced consumer protection. It is imperative that targeted proportionate changes are made to the existing regulatory limits by the Central Bank,” Malone stated.

He added that with the clear demand for mortgages and credit union services, …