Credit unions face financial challenges, Central Bank warns

Increased focus on mortgage lending needed to safeguard sector’s future, conference hears

There is up to €2.5 billion available for house and business lending at Credit Unions, according to the registrar of credit unions

Credit unions face financial viability risks unless they change their business model, the Central Bank has warned.

The sector needs to focus on commercial challenges and building sustainable business lines, said Patrick Casey, the registrar of credit unions, a division within the Central Bank.

“Credit unions must have more advanced competence and capability to compete with others for market share. You still need to build a compelling mortgage proposition which attracts borrowers – one that ...