Value of credit unions’ mortgage book increases 51% [Video]

The total value of the mortgage book of Irish League of Credit Unions-affiliated grew 51% or €189m in the 12 months to September.

The ILCU, which represents 90% of active credit unions in the Republic of Ireland, saw its mortgage loan book grow from €371m to €560m.

Mortgages now account for more than 10% of the total credit union loan book, which increased 11.2% in value year-on-year to €5.89bn.

For the period of October 2023 to September 2024, credit unions issue new loans of €2.78bn, up 7.2% from €2.58bn the previous year, although the number of loans issues declined from 422,451 to 419,246.

“We have seen a continued increase in lending over the course of the last twelve months, combined with all time low arrears as well as an overall increase in the size of the loans we are offering,” said David Malone, CEO of the ILCU.

“These indicators are reflected in our dominance of the personal lending market, with a 53% market …