Naoise Ó Muirí
Ceist:170. Deputy Naoise Ó Muirí asked the Tánaiste and Minister for Finance the progress the Government has made in supporting credit unions to expand their capacity for mortgage and business lending. [68404/26]
Amharc ar fhreagraTuesday, 29 September 2026
Ceisteanna (170)
Freagraí scríofa
The Government is committed to supporting the continued development and expansion of the credit union sector, recognising its important role in providing community-based financial services.
A range of legislative and regulatory measures have already been delivered, and the priority for the rest of 2026 is to support the credit union sector in the development of a strategy for itself. This strategy should build on these measures and focus on developing a shared vision for the sector and the strategic direction required to achieve it, within the current legislative and regulatory framework.
Amended lending regulations, which commenced on 30 September 2025, significantly enhanced the lending capacity of credit unions. The regulations increased the lending limits to 30% of total assets for mortgages and 15% for business loans, thereby enabling credit unions to expand their offerings and compete more effectively in these markets. Based on sector assets of €23 billion at end-June 2026, these changes permit up to €6.9 billion in mortgage lending, and up to €3.45 billion in business lending.
The amendment of these regulations reflects the competence and capability of credit unions to grow their respective loan books in a prudent manner, and to futureproof their offering to support homeowners and businesses. I welcome the amended regulations and thank the Central Bank of Ireland for their work, and support to the sector by amending these regulations.
These regulations will allow credit unions to compete more effectively in the mortgage and business lending market.