Michael McGrath
Question:260. Deputy Michael McGrath asked the Minister for Finance the number and value of residential home loans or mortgages held by credit unions; and if he will make a statement on the matter. [13439/16]
View answerTuesday, 31 May 2016
Questions (260)
Written answers
I have been informed by the Central Bank that up until March 2016 data in relation to residential home loans or mortgages held by credit unions was not collected. However, since March 2016 credit unions are required to report on the amount outstanding in House Loans in their Quarterly Prudential Returns to the Central Bank. A House Loan is defined as a loan made to a member secured by property for the purpose of enabling the member to:
1. have a house constructed on the property as their principal residence;
2. improve or renovate a house on the property that is already used as their principal residence;
3. buy a house that is already constructed on the property for use as their principal residence; or
4. refinance a loan previously provided for one of the purposes specified in (a), (b) or (c) for the same purpose.
Based on March 2016 Prudential Returns made by credit unions to the Central Bank, I have been informed that the total amount outstanding in House Loans as at 31 March 2016 is €106.5 million and that the number of outstanding House Loans is circa 5,000 loans.