Dáil Éireann Debate, Thursday - 22 September 2022
98. Deputy Holly Cairns asked the Minister for Finance the steps he is taking to make the necessary regulatory changes to enable credit unions to significantly increase their footprint in the mortgage market. [46041/22]
View answerIt is important to recognise that credit unions can and do provide mortgages, with over half the sector engaging in mortgage lending at some level. As at June 2022 credit unions had a mortgage book of approximately €301 million, which had grown 22% year-on-year.
Since 1 January 2020, credit unions now have a combined capacity to provide up to €1.1 billion in additional SME and mortgage loans, with further capacity of up to 15% available to credit unions on approval by the Central Bank.
6 credit unions are currently approved for the combined lending limit of 15% of assets with 1 additional application to the Central Bank currently under consideration.
The Programme for Government commitment to Review the Policy Framework of Credit Unions is now complete and I am pleased to say that I have received Cabinet approval to draft the legislative proposals emanating from the Review.
I am also pleased to say that the Credit Union (Amendment) Bill 2022 has received priority status for the Dáil’s autumn session and I look forward to progressing this legislation through the Oireachtas.
