DUBLIN, Ireland–Lending among Ireland’s credit unions has surged 14% over the past year driven primarily by a significant rise in mortgage lending.
As CUToday.info has been reporting, Ireland’s credit unions have taken numerous steps to boost mortgage lending, including creating a centralized mortgage lending process, offering a national mortgage rate, and backing legislation that would expand the ability to make mortgage loans.
By U.S. standards, the number of mortgages made by Ireland’s CUs is small, but it’s a considerable increase in a country where numerous challenges and competitors have made mortgage lending difficult.
According to the Irish League of Credit Unions,
which represents more than 90% of the credit unions, approximately 1,800 mortgages were issued by ILCU-affiliated credit unions in the 12 months to the end of March, RTE reported.
70% Jump
The value of mortgages issued jumped 70% in the past year, with its mortgage loan book reaching €473 million.
Across the entire credit union sector, the mortgage loan book topped €600 million the report stated.
The ILCU told RTE it is on target to reach €1 billion in mortgage lending over the next two years.
"That would see us entering into the top five mortgage providers," David Malone, CEO of the ILCU said in comments made on Morning Ireland and quoted by RTE.
The Overall Numbers
In total, ILCU-affiliated credit unions issued €2.74 billion of loans in the year to the end of March, bringing the total loans outstanding to €5.56 billion, up 13.6% over the previous year.
The assets of ILCU-affiliated credit unions stood at €18.1 billion at the end of March - up more than 40% over the last 10 years, RTE reported.
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