Irish credit unions' mortgage lending jumps 51%, challenging banks' dominance in home loans.

Credit union mortgage lending in Ireland has surged by 51% over the past year, reaching €560 million and accounting for 10% of total loans. The sector's total loan book is now over €5.89 billion, with savings increasing by 2% to €15.3 billion. The Irish League of Credit Unions (ILCU) expects to surpass €1 billion in mortgage lending in the next two years, aided by potential Central Bank rule changes. This growth is set to increase competition in Ireland's home loan market, with digital bank Revolut planning to offer mortgages in Ireland next year.

November 25, 2024
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