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Credit-union mortgage book up 41% last year

The Irish League of Credit Unions (ILCU) has reported increased demand for mortgages, ahead of proposed changes to lending limits. 

ILCU figures show that the credit-union mortgage loan book increased by 7% in the final quarter of 2024 to reach €600 million by the end of the year. This represented a 41% increase over the full year. 

Late last year, the Central Bank published proposals aimed at providing greater scope for credit unions to increase lending to businesses and householders.

It has also held a public consultation on the plans, which would change the lending capacity available to all credit unions to 30% of total assets for mortgage lending 

ILCU chief executive David Malone said that the proposed changes could enable credit unions to increase their mortgage loan book to a potential €5.56 billion, from a maximum of €1.9 billion under the current limits. 

Overall, the credit-union loan book grew by just over 10% last year to €5.96 billion. 

The average loan rose to a record high of €10,387.