Credit Union Mortgage Lending Rises 10% to €518M in June, Now Making Up Nearly 10% of Loan Portfolio, ILCU Report Reveals
Dublin: Mortgage lending at credit unions surged by 10% to €518 million in the three months ending June, according to the Irish League of Credit Unions (ILCU). Mortgages now constitute nearly 10% of the total loan portfolio. ILCU CEO David Malone attributed this growth to strong demand, driven by competitive rates and fast, personalised service. However, Malone criticised “arbitrary crisis-era regulations” that cap mortgage lending, calling for proportionate adjustments by the Central Bank to enhance competition and consumer protection.
The ILCU’s report highlighted its 13th consecutive quarter of lending growth, with a 12.8% annual increase, pushing the loan book to €5.74 billion—the highest in over 15 years. Credit unions now hold a 53% market share in unsecured personal lending, with arrears at an all-time low of 2.5%.
Digital services have seen significant growth, with members conducting 14.1 million digital transactions worth €2.3 billion in the past year, marking a 30% increase from the previous year. Malone emphasised that credit unions offer a unique blend of in-person and digital banking, setting them apart from other financial institutions.
Irish Samachar English News
{OR} Kindly click to follow the Irish Samachar News channel on WhatsApp