New law will allow credit unions compete with banks

If the law is passed, more members of credit unions will be able to access mortgages, business loans, and current accounts

Minister of State Jennifer Carroll MacNeill. The Credit Union (Amendment) Bill 2022 proposes allowing credit unions that do not offer services such as mortgages to refer members to credit unions that do. File picture: Moya Nolan

All credit union members will be able to access mortgages, business loans, and current accounts under a significant expansion of the sector.

The Government hopes to pass legislation by the end of the year allowing greater collaboration between credit unions to achieve economies of scale.