Head Topics

Credit Union home loans up by 53% in 2023

  • 📰 RTEbusiness
  • ⏱ Reading Time:
  • 43 sec. here
  • 6 min. at publisher
  • 📊 Quality Score:
  • News: 35%
  • Publisher: 61%

News News

A new Central Bank report on the financial conditions of credit unions shows increased levels of lending and saving among members but also an increase in early stage arrears.

Today's report - the 10th on the credit union sector - reveals that house loans increased by 53% from €317m in 2022 to €484m in 2023. The average loan size increased from around €86,000 to €105,000, the Central Bank noted.

The Central Bank noted that while the sectoral average percentage of total loans in arrears has continued to trend downwards post pandemic, the total amount of loans in arrears, including early stage arrears, increased over 2023 as cost of living pressures affected people. The report today also reveals that members' savings increased from €17 billion at the end of September 2022 to €17.5 billion at the end of September last year.

"This includes maintaining sufficient liquid assets to meet business requirements and withstand liquidity stress scenarios," Ms Byrne said. Commenting on today's report, Kevin Johnson, CEO of the Credit Union Development Association, said the loan growth reflects the huge demand for credit union loans and the increased ability of credit unions to meet this demand across multiple channels.

Source: Loan Digest (loandigest.net)

Business Central Bank Your Money Credit Union

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in İE

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

England, Wales and Scotland all now in favour of Irish unification, research showsThe 2023 State of the Union survey examines attitudes towards constitutional issues in the UK
Source: IrishTimes - 🏆 3. / 98 Read more »

Citywest hotel in Dublin was paid €53.6m to accommodate asylum seekers and Ukrainian refugees in 2023Large hotel groups and companies paid tens of millions in Government contracts to accommodate international protection applicants and Ukrainian refugees
Source: IrishTimes - 🏆 3. / 98 Read more »

Number of home loans in arrears increases slightly in final quarter of 2023The overall increase was driven by a rise in the number of PDH mortgage accounts in arrears of less than one year
Source: IrishTimes - 🏆 3. / 98 Read more »

Complaints to Financial ombudsman hit record high in 2023The number of complaints lodged with the Financial Services and Pensions Ombudsman (FSPO) last year hit a record high.
Source: RTEbusiness - 🏆 16. / 61 Read more »

Fairyhouse aiming to extend upward attendance curve during Easter festival actionFairyhouse officials hoping to improve on the 28,000 fans that attended the 2023 Easter Festival
Source: IrishTimesSport - 🏆 2. / 99 Read more »

Robberies, extortion and hijacking offences increased by 26% last year, CSO figures showSexual offences fell 11% while murder incidents declined by 19% in 2023
Source: IrishTimes - 🏆 3. / 98 Read more »