Michael Moynihan
Ceist:43. Deputy Michael Moynihan asked the Minister for Finance if credit unions will be facilitated to provide mortgages for private housing purchases. [44859/21]
Amharc ar fhreagraTuesday, 21 September 2021
Ceisteanna (43)
Freagraí scríofa
Credit Unions can and do provide mortgages.
Following a review of the lending framework, the Central Bank introduced new lending regulations on 1 January 2020. This provided credit unions with a combined capacity to provide up to approximately €1.1 billion in additional mortgage and SME loans, with further additional lending capacity available to credit unions who can comply with certain conditions or on approval by the Central Bank.
Credit unions currently have a mortgage book of approximately €247 million, which has grown 25% year-on-year.