Menu
10/02/2015
Credit Union Considering Offering Home Loans
Fianna Fáil has welcomed the news that the Irish League of Credit Unions is considering offering its members home loans.
The party said that the Credit Union was "well placed" to provide mortgages and would provide "badly needed competition" for banks.
Fianna Fáil spokesperson on finance, Michael McGrath, said: "The lending restrictions, imposed by the Central Bank, have resulted in the Credit Union sector having a vast amount of cash which cannot be lent on to members.
"The Central Bank needs to find ways of allowing the Credit Unions to put that money to work in the economy and the provision of mortgage finance by Credit Unions is one such avenue that should be pursued. Last year, the Irish League of Credit Unions said its member Credit Unions had €5 billion available to lend.
"Entry into the mortgage market would clearly present challenges for the Credit Union movement as the necessary expertise and proper risk assessment would need to be developed.
"I believe the Central Bank should engage positively with the Credit Union sector to explore what could be an exciting new chapter for the movement.
"Management and staff at Credit Unions are going through a period of great change and they know that the movement has to pursue new opportunities in the changed landscape in which they operate."
(MH/JP)
The party said that the Credit Union was "well placed" to provide mortgages and would provide "badly needed competition" for banks.
Fianna Fáil spokesperson on finance, Michael McGrath, said: "The lending restrictions, imposed by the Central Bank, have resulted in the Credit Union sector having a vast amount of cash which cannot be lent on to members.
"The Central Bank needs to find ways of allowing the Credit Unions to put that money to work in the economy and the provision of mortgage finance by Credit Unions is one such avenue that should be pursued. Last year, the Irish League of Credit Unions said its member Credit Unions had €5 billion available to lend.
"Entry into the mortgage market would clearly present challenges for the Credit Union movement as the necessary expertise and proper risk assessment would need to be developed.
"I believe the Central Bank should engage positively with the Credit Union sector to explore what could be an exciting new chapter for the movement.
"Management and staff at Credit Unions are going through a period of great change and they know that the movement has to pursue new opportunities in the changed landscape in which they operate."
(MH/JP)
Related Irish News Stories
Click here for the latest headlines.
01 July 2016
Call For Minister To Develop Strategy For Credit Union Sector
The Minister for Finance has been urged to "urgently make good" on a commitment to develop a strategy for the growth and development of the Credit Union sector.
Call For Minister To Develop Strategy For Credit Union Sector
The Minister for Finance has been urged to "urgently make good" on a commitment to develop a strategy for the growth and development of the Credit Union sector.
11 November 2013
ILCU Allays Members' Fears
The Irish League of Credit Unions (ILCU) has issued a statement in relation to Newbridge Credit Union. Over the weekend, it was announced that Newbridge Credit Union had been transferred to Permanent TSB, but ILCU has since reassured its members that credit unions remain strong and secure.
ILCU Allays Members' Fears
The Irish League of Credit Unions (ILCU) has issued a statement in relation to Newbridge Credit Union. Over the weekend, it was announced that Newbridge Credit Union had been transferred to Permanent TSB, but ILCU has since reassured its members that credit unions remain strong and secure.
20 May 2016
Sustainability Of Credit Unions Report Published
A report on the sustainable development of Credit Unions has been announced by the Minister for Finance, Michael Noonan. The Survey of Irish Credit Unions, gives an insight into what credit unions see as the drivers of change, the constraints they face and who they see as the competitors going forward.
Sustainability Of Credit Unions Report Published
A report on the sustainable development of Credit Unions has been announced by the Minister for Finance, Michael Noonan. The Survey of Irish Credit Unions, gives an insight into what credit unions see as the drivers of change, the constraints they face and who they see as the competitors going forward.
13 June 2016
Credit Union Sector Has 'Huge Potential' To Assist In Mortgage Lendings
The Credit Union sector has "huge potential" to issue home loans and assist in meeting a major social need, according to Fianna Fáil finance spokesperson, Michael McGrath.
Credit Union Sector Has 'Huge Potential' To Assist In Mortgage Lendings
The Credit Union sector has "huge potential" to issue home loans and assist in meeting a major social need, according to Fianna Fáil finance spokesperson, Michael McGrath.
22 June 2015
'Concerted Policy Initiative' Needed For Credit Union Sector - FF
Fianna Fáil has called for a "concerted policy initiative" to ensure the full potential of the credit union sector in Ireland, The party's finance spokesperson, Michael McGrath, made the call ahead of a Fianna Fáil Private Members was introduced in the Dáil. "The credit union sector has a proud tradition in communities throughout the country.
'Concerted Policy Initiative' Needed For Credit Union Sector - FF
Fianna Fáil has called for a "concerted policy initiative" to ensure the full potential of the credit union sector in Ireland, The party's finance spokesperson, Michael McGrath, made the call ahead of a Fianna Fáil Private Members was introduced in the Dáil. "The credit union sector has a proud tradition in communities throughout the country.
-
Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
