DUBLIN, Ireland–Homebuyers in Ireland have started to turn to the country’s credit unions in a big way.
New data from the Irish League of Credit Unions (ILCU) show mortgage lending has grown at Ireland’s credit unions by more than 50% over the past 12 months, totaling almost €500 million.
The growth in mortgage lending by Ireland’s CUs the result of legal changes that have allowed credit unions to make more mortgage loans, as well as the exit from the market of some major mortgage players, as CUToday.info has reported.
Additional Data Points
Other data reported by the Irish league include:
- Overall, loans were up 12% to €5.3 billion, with more than 420,000 loans issued in the year to September 2023 according to ILCU.
- The overall arrears ratio (or delinquencies) fell to 2.7%, a record low, according to the league, making it the lowest across the financial services sector, while capital reserves increased slightly to 15.8%.
- Member assets stood at €17.9 million (up 2.8%, with the league noting that the credit union sector has grown at a "phenomenal rate,” having more than doubled over the last 20 years.
- Membership of ILCU-affiliated credit unions totaled 3.2 million people in the latest tally, showing steady increases of around 1,000 members per week.
More Growth Expected
Irish league CEO Dave Malone, who noted lending has hit a 10-year high, said he expects other new legislation to help drive additional growth and to boost “our national footprint in mortgages and commercial lending.”
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