Banking

Credit union home lending rose 53% to €484m in 2023

Business loans rose by 11 per cent to €162 million last year, with the average loan size increasing to €22,000

Elaine Byrne, the registrar of credit unions with CBI, said there were “positive trends” for the sector, despite the increase in customers in early stage arrears. Picture: Business Post

House loans issued by credit unions increased by more than half in 2023, according to new figures from the Central Bank of Ireland (CBI).

The CBI’s latest Financial Condition of Credit Unions Report indicated that €484 million was issued by credit unions for mortgages and home improvement loans in the twelve months to 30 September 2023 – a 53 per cent increase from €317 million the year before.

The average home loan increased 22 per ...