Important Mortgage Update

7 March, 2024


Due to the tremendous interest on our Mortgage Products over the last Financial Quarter, we have now reached the maximum we are permitted to lend in this category under the Central bank Regulations. Currently we have issued almost €11Million in Mortgages and we have a further €10Million at various stages in the mortgage application process.
Under regulations, Credit Unions can only lend 7.5% of their assets in the Mortgage Category. The Credit Union can seek to increase this percentage to 10% and make a further application to increase the limit to 15%. Your Credit Union is currently in the process of applying for theses increased Regulatory Limits. However, this process will take a number of months to progress to a decision.
Whilst your Credit Union has Assets in excess of €210Million, at the 10% Regulatory Limit we can only have €21Million in Mortgages.
Regrettably, this means for the foreseeable future we cannot accept any new mortgage applications.
We will continue to update our Members on the progress of our application to the Central Bank.
George Cantwell, CEO