Institutions lending beyond their means

Many credit unions have been lending far in excess of what they can afford, new findings demonstrate, with some individual loans amounting to 20 times the allowable amount.

Fresh data from business intelligence service Vision-net.ie show that instances of individual credit unions chasing unpaid loans through the courts continued apace during the first quarter of this year, with combined debts of €3.6m — a year-on-year increase of 25% — being sought.

The figures show that 183 cases have been brought before the courts so far this year, with credit unions accounting for 17% of total judgment rulings against consumers.