Jackie Cahill (Tipperary, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

53. To ask the Minister for Finance if credit unions will be facilitated to provide mortgages. [44792/21]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

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.