Credit unions have again urged regulators to allow them compete in the Irish mortgage market “in a meaningful way” after the Central Bank launched a further consultation to ensure they are fully aware of the risks.

Fast-and-loose finance industry

The Central Bank’s (CB) deputy governor Ed Sibley yesterday called for bank executives and directors to be held to account for overcharging at least 20,000 mortgage customers over recent years. 

A “radical culture change” is needed if customer trust in the banks is to be repaired and restored, according to the deputy governor of the Central Bank.

Credit unions could be in the position to fund social housing projects through approved bodies by next year.

Credit unions have moved a step closer to adding mortgage lending to their suite of services.

Financial Services Minister Eoghan Murphy has raised his “very serious concerns” about the behaviour of other EU countries over their bids to lure institutions from London after Brexit.

One of the Central Bank’s most senior officials has warned that Ireland is at risk of repeating the catastrophic economic mistakes of the past less than a decade after the country was cast into financial ruin.

The high level of non-performing loans still being worked through after the financial crash is just the tip of the iceberg, the Central Bank’s new director of credit institutions supervision has warned.