Holly Cairns (Cork South West, Social Democrats)
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98. To ask 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]

Paschal Donohoe (Dublin Central, Fine Gael)
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It 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.