The manager of Mullingar Credit Union says they would like to be more involved in mortgage lending but are badly hampered by regulations.
His comments follow a call by Junior Minister Sean Fleming in recent days who says that credit unions should be filling the gap left by the departures of Ulster Bank and KBC from the Irish market.
Tom Allen says credit unions would also like to seize the opportunity but they are handcuffed by the restrictive lending limits for mortgages prescribed by the Central Bank.
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He says most credit unions are very limited as to the number of mortgages they could lend at any one time before they would have to stop under the current restrictions…
