Value of credit unions' mortgage book rises 34%

As of the end of March, mortgages represented 10.4% of the entire credit union loan book

David Malone, chief executive of the Irish League of Credit Unions, said surpassing the €6bn loan book value mark for the first time since 2008 'is a significant milestone'.

The total value of the mortgage loan book held by credit unions across the country has increased by 34% over the last year as the value of all loans surpasses €6bn for the first time in 17 years, new data shows.

During the period January to March this year, credit unions issued loans valued at €685m - an 11% increase compared to the previous quarter.