Credit unions are looking to lend more money for residential mortgages. The property market has been utterly dysfunctional for most of the past two decades and remains so.
Nobody is predicting a crash just yet but it would appear to be an act of madness for the Central Bank to allow credit unions increase their exposure to a housing market as unmoored from economic reality as the Irish one More than 80 per cent of estate agents here believe property prices are either “expensive” or “very expensive”, according to the Society of Chartered Surveyors Ireland, although that probably won’t stop them putting forward a well-argued case for why now is a good time to buy.
Most credit unions have a “common bond” that dictates who can be a member. Usually, it’s a geographic area in which members must live and/or work. The largest credit unions are the ones where the common bond is working for a large State organisation such as the Health Service Executive or An Garda Síochána.
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