Credit union mortgage loan book in Ireland hits €1bn

Tánaiste met credit union representatives in Cork on Friday

 Tánaiste and finance minister Simon Harris  visited First South Credit Union on South Mall, Cork on Friday as First South marks Mortgage Month for its 40,000 members. At the event were Ciara Heffernan (Branch Manager), Tánaiste and Minister for Finance, Simon Harris, Marc Power (CEO First South Credit Union), and credit union member Mary Keating from Waterfall. Picture: Colm Lougheed

The value of the credit union mortgage loan book is now hitting €1bn, as new lending rules come into full effect. 

The landmark figure comes as Tánaiste and finance minister Simon Harris paid his first official visit to a credit union as finance minister on Friday, visiting First South Credit Union on Cork's South Mall, which has 40,000 members across Cork in Ballyphehane, Ballinlough, Dillons Cross, Kinsale, and South Mall. 

South Cork Credit Union CEO Marc Power said Irish credit unions now have an overall mortgage book of €1bn, and said that First South alone has €18m in mortgage loans outstanding. First South has €216m in assets under management and an overall total of €72m in loans. Nationally, credit unions have over 400 branches across the State, with €22 billion in assets under management.  

Mr Harris also met board members and staff of several credit unions during the South Mall visit including representatives of Inspire Credit Union, Elevate, St Paul's, St Michael's, and the Lough Credit Union, discussing the need for a sector strategy to leverage the credit union sector’s strengths and the opportunities presented by the Credit Union (Amendment) Act 2023 and the amended credit union lending regulations, which have increased the amount a credit union can lend.  

 “I know the impact credit unions have in communities and as minister for finance, I welcome competition that allows more choice for borrowers. The recent changes to the lending capacity of credit unions provides an opportunity for the sector to support more communities throughout Ireland," said Mr Harris.