Central Bank changes rules to allow CUs issue more mortgages

[Brendan Burgess]

https://www.rte.ie/news/business/2018/1024/1006367-credit-union-mortgage/

I can't find the information on the Central Bank website.

The proposals include the removal of a cap on the amount of long-term lending an individual branch can make. Credit unions would instead have home mortgage and commercial lending limited, on a tiered basis, by the total value of the assets it holds.


"The proposals support diversificiation in credit union loan portfolios," the Central Bank said in a statement. "Revisions would allow those credit unions with sufficient financial strength, competence and capability, to undertake additional home mortgage and commercial lending."

 

[RedOnion]

Here it is. Consultation paper - I have only read a summary of it elsewhere.

http://www.centralbank.ie/publicati...es-to-the-lending-framework-for-credit-unions


Goodbody have a note on it this morning, where they estimate it could give them capacity to lend c 1.5bn for mortgages.

[broken link removed]

 

[TheJackal]

This proposed change has been bouncing about for over a year now but still no solid date on implementation