The combined loan book of Irish League of Credit Unions members reached its highest ever level of €6.24 billion, surpassing the previous record of €6.21 billion recorded in 2008.
Mortgage lending played a big role, while new lending rules effective later this month are expected to have a significant impact.
The ILCU represents 90% of active credit unions in the Republic of Ireland, its latest figures are from its third quarter results from April to June.
During this period credit unions issued more than 104,000 loans representing a 17% growth in the number issued from the previous quarter, and a total of €734 million in new lending.
Mortgage lending was up 5%, showing a 28% year on year growth, reaching €663 million by the end of June 2025.
Mortgages now make up just over 10.6% of the overall credit union loan book portfolio, up from 9% in June 2024 and just 6.3% in June 2023.
Commenting, David Malone, CEO of the Irish League of Credit Unions said: “These results reflect the continued strength, trust and relevance of credit unions within communities across Ireland. Reaching a record loan book of €6.24 billion is a major milestone, but what’s even more encouraging is the quality of this growth.
“It’s driven by responsible lending, increasing demand for credit union mortgages and the lowest arrears we’ve ever recorded,” said Mr Malone.
“Credit unions are clearly meeting the evolving needs of their members while maintaining the strong ethical and community-based principles that define our movement,” he said.
The growth in mortgage lending in recent months and since regulatory changes in 20023 paved the way for all credit unions to offer mortgages.
It is anticipating further growth following New Central Bank lending rules effective from 30 September.
In August, the Central Bank of Ireland announced significant reforms to the credit union lending framework which increases the total lending capacity, for credit union house and business lending, from €2.9 billion to €9.9 billion.
It means every credit union can now provide a maximum mortgage of 30% of their assets.
Speaking on RTÉ’s Morning Ireland, Mr Malone the changes will empower a multitude of credit unions to really meaningfully address the housing challenge and housing crisis Ireland by providing people across Ireland with the opportunity to purchase homes.
“I think that’s vital and that provides us an unprecedented opportunity to do that, not just now, but very much into the coming years,” he said.
“It’s very important for our future, as well as the credit union sector, to be a meaningful alternative to other financial service providers in the mortgage space,” added Mr Malone.
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