Credit unions’ mortgage and business lending capacity set to treble to €8.6bn

The Central Bank said on Wednesday it plans to treble credit unions’ capacity for mortgages and business loans to €8.6 billion, following a review of lending across the sector.

It also comes almost five years after regulators undertook an initial easing, in early 2020, of previously very restrictive long-term lending limits on credit unions. The Central Bank plans to allow credit unions, regardless of size, to lend up to the equivalent of 30 per cent of their total assets by way of home mortgages. It proposes that business lending can equate to as much as 10 per cent of a credit union’s assets.

Total loans across the sector equated to 32 per cent of assets, at €18.3 billion, as of the end of September, according to the ILCU.

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