Credit Unions to Triple Lending Under Central Bank’s New Rules

Credit unions across Ireland will soon be able to significantly expand mortgage and business lending, following new rules announced by the Central Bank.

From September 30, mortgage lending will be capped at 30% of a credit union’s assets, while business lending will be capped at 15%. This change boosts the sector’s total lending capacity from €2.9 billion to €9.9 billion.

The Central Bank says the move is designed to “future-proof” lending rules and give credit unions more certainty in planning for growth.

Sector leaders welcomed the decision, noting that it creates new opportunities for credit unions to serve members and support local communities with greater access to loans.