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Edge Of Seventeen

Thursday, 2 January 2025 10:19

Rule changed allow for over 18,000 mortgages at competitive rates.

A Midlands-North West MEP says proposed changes to credit union lending rules is a "game-changer" for Ireland's housing crisis.

These changes from the Central Bank would allow them to allocate up to 30% of assets - around €6bn for mortgages and €2bn for business loans.

It would allow for over 18,000 new mortgages at competitive rates as low as 2.9%.

Feedback on these proposals is part of a public consultation that will run until February,

Independent Ireland MEP Ciaran Mullooly says the credit union has a greater role to play in Ireland's banking system:

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