The Irish League of Credit Unions, on behalf of its affiliated credit unions, has released Q1 2023/24 quarterly performance results on behalf of its affiliated credit unions in ROI.
The results for the quarter (October to December 2023) highlight a continued upward growth trajectory in loans, with a significant increase in mortgages and business loans. Arrears remain close to all-time lows.
Commenting on the report, ILCU CEO David Malone said
“Credit unions delivered over 110,000 loans in the quarter which is over 8,000 loans per week. To put that into context that’s €631 million per quarter of lending to people or over €48 million per week. What these latest quarterly results show is that not only are people availing of credit union services but that there is a growing pipeline of demand for loans which our members are ready to facilitate.
He continued, “Looking to the future and building on this continued growth, the Central Bank’s review of the lending framework is crucial. This is in the context of the dramatic increase in mortgage lending as changes are needed to meet customer demand, increase flexibility, allow credit unions compete on a level playing field and provide real competition in mortgages and business lending. We have engaged with the Central Bank on its lending review but are now looking for targeted changes to allow more choice for consumers and to reduce the dominance of the retail banks. The changes we are looking for will allow more mortgages, remove crisis era restrictions and allow more business loans thereby enhancing competition in a safe and prudent manner”.