Credit unions seek inclusion in Help to Buy scheme

Credit Union Managers Association said the exclusion represented a 'missed opportunity' to combat Ireland's housing challenges

CUMA also highlighted the growing cost pressures facing credit unions as they continue to invest in technology, cybersecurity and regulatory compliance.

The Credit Union Managers Association (CUMA) has urged the Government to include authorised credit unions in the Help to Buy Scheme, arguing that it would increase competition in the mortgage market and support more first-time buyers into home ownership.

Addressing a Joint Oireachtas Committee, CUMA chief executive Lisa Stapleton said the exclusion of credit unions from the scheme represents a "missed opportunity" at a time when the Government is seeking every possible avenue to address Ireland’s housing challenge.

Representing the CEOs and senior leaders across Irish credit unions, CUMA outlined a series of policy measures that it is seeking from the Government, including support for digital transformation and cybersecurity, greater recognition of credit unions as strategic partners in housing, financial inclusion and regional development.

Credit unions currently serve more than three million people across Ireland and are becoming an increasingly important participant in the mortgage market, particularly for first-time buyers, self-build customers and rural communities, CUMA said. 

The organisation added that the current exclusion of credit unions limits competition and consumer choice, despite the sector’s growing role in supporting home ownership and local communities. 

CUMA also highlighted the growing cost pressures facing credit unions as they continue to invest in technology, cybersecurity and regulatory compliance.

“Credit unions have demonstrated that they can provide competitive financial products while remaining trusted, community-based lenders," said Ms Stapleton. "At a time when Government is seeking every possible avenue to support first-time buyers, the exclusion of credit unions from the Help to Buy Scheme is a missed opportunity that should be addressed.

"Including authorised credit unions as qualifying lenders would increase competition, broaden access to home ownership and provide consumers with greater choice. 

"It would also support Government objectives around housing affordability, financial inclusion and the development of a more diverse financial services sector.”