A leading Sligo Credit Union official has welcomed the development that Credit unions will soon be able to offer mortgages that rival what the banks can give.
New legislation, to be introduced next month, will allow community lenders greater capacity to give loans for homeowners and businesses.
Currently, Credit Unions can lend 7 and a half per cent of their total assets – but the new proposals would see that figure double to 15 per cent.
Supervisor for the Irish League of Credit Union, Seamus Kilgannon says it’s a major breakthrough:
