Call for Credit Unions service to incorporate mortgages and Council loans

A Sligo-based board member of the Irish League of Credit Unions says credit unions should be allowed get into the mortgage market, including giving loans to local authorities to provide housing.

Seamus Kilgannon, who’s also a county councillor, was reacting to reports today that some credit unions are turning away savings in cases where not enough money is being taken out in loans.

Two years ago, the Central bank put a cap of €100,000 on what a Credit Union member can save.

However, many individual credit unions have much lower caps, which can also be changed from time to time.

However, Mr Kilgannon says he raised this issue at a meeting of the Council recently and it got full support but he says the wider issue needs to be looked at government level: