Senator calls for credit unions to enter mortgage market

With the exit of Ulster Bank and KBC, Senator Victor Boyhan suggests credit unions could fill that gap — but strict lending limits would greatly limit their ability to offer home loads

Taking an average mortgage of €350,000, a credit union with assets of €70m could only offer 15 mortgages, exclusive of loans to SMEs. File Picture: Unsplash

Senator Victor Boyhan called for an increased role of Credit Unions in Ireland’s mortgage market.

Mr Boyhan believes credit unions have the funding in place to be able to go into competition with banks and offer customers mortgages.