The Irish League of Credit Unions is warning that strict lending rules are limiting local credit unions to just 3% of the mortgage market and less than 10% of the SME loan market
The ILCU says credit unions have nearly €15 billion of surplus funds, but are severely restricted in providing SME business loans and mortgages, despite housing challenges
It recently met with Minister Sean Fleming, who is Minister of State at the Department of Finance dealing with Credit Unions.
At the meeting, the ILCU called on the Government to honour the commitment in Programme for Government to 'enable the Credit Union movement to grow as a key provider of community banking in the country.'
Paul Bailey is the Head of Communications at the Irish League of Credit Unions.
He spoke to our reporter Diarmuid Pepper after the meeting with Minister Fleming, and he began by outlining the restrictions on credit unions:
