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.
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Source: IrishTimes - 🏆 3. / 98 Read more »