Credit Unions Deliver Record Loan Book of €6.54bn as Mortgage Lending Closes in on €1 Billion

Posted on: 20 Mar 2026

The Irish League of Credit Unions (ILCU), which represents 90% of active credit unions in the Republic of Ireland, has published its Q1 FY2026 results (Oct to Dec 2025) on behalf of its affiliated credit unions. The figures show continued positive momentum across the sector, with the credit union loan book reaching its highest level ever and mortgage lending continuing on a strong upward trajectory.
 
While the October to December period is typically the slowest quarter for new personal loans, largely due to lower demand for car purchases and home improvements, credit unions issued over 109,000 new loans during this time. In total, €659 million in new lending was issued during the period, which is a 7% increase on the €615m issued in Q1 2025 (Oct – Dec 2024). That sustained momentum has driven the total credit union loan book to €6.54 billion, a new all-time high that surpasses both the September 2025 record and the previous historic peak of €6.21 billion set in 2008.
 
Mortgage lending continues to be a key driver of this growth. The total mortgage loan book among ILCU-affiliated credit unions reached €754 million by the end of December 2025, representing a 6% increase on the previous quarter and a 26% rise year-on-year. Overall, the credit union mortgage book now stands at €992m, just short of the €1 billion milestone.
 
Mortgages now represent 11.5% of the overall loan portfolio, up from 10.1% last year in Q1 2025, reflecting a decisive shift in how members are using their credit union.
 
The average loan outstanding also rose to a new high of €11,094, up from €11,044 in Q4 Sept 2025. Importantly, this growth in lending is underpinned by strong credit quality as illustrated by the low arrears figure of 2.25%.
 
Credit unions’ provision of insurance cover to eligible members at no direct cost remains a critical financial lifeline for families facing bereavement. In the three months from October to December 2025, ILCU-affiliated credit unions paid out €8.4 million in Life Savings benefits, helping to ease the immediate financial burden faced by 3,500 families. In the same period, loan protection cover cleared almost €4.2 million in outstanding loans relieving almost 600 families of the burden of repaying a deceased member’s loan.
 
Commenting, David Malone, CEO of the Irish League of Credit Unions said:
“These very positive results reflect the continued strength and resilience of the credit union movement. The sustained growth we are seeing has propelled the sector’s total loan book to a record €6.54 billion, surpassing previous historic highs and marking a significant milestone for credit unions nationwide.
 
“It is particularly encouraging to see mortgage lending continuing on such a strong upward trajectory, with the mortgage book now accounting for almost 12% of overall lending and closing in fast on €1 billion sector-wide milestone. Credit unions are providing real choice in a hyper-concentrated market and offering vital supports to members at the most important financial moments in their lives”.
 
Looking at current and upcoming points of note for the credit union movement, Mr Malone continued; “Looking to 2026, we recently published the first credit union community impact report for the movement, which detailed that credit unions across the island of Ireland gave just under €8 million out in community funding via sponsorship and education bursaries in the financial year ending September 2024.
 
“The credit union movement is also in discussions regarding participation in the recently announced Zippay initiative with a view to rolling out the service to credit union members, and as a sector, we are also progressing with the development of an overall sector wide strategy that will guide the future of credit unions in Ireland. This strategy, which will be aligned to the Government’s commitment to develop a five-year strategy for the movement, will ensure credit unions remain locally rooted while also expanding their modern financial services offering.”
 
Mr Malone concluded; “This is a time of huge opportunity for the credit union movement as future focused financial service providers that actively support communities across the island of Ireland.”
 
ENDS 
 
Notes to Editor
Please note that the Credit Union Financial Year 2026 is as follows:

• Q1 - October 2025 to December 2025

• Q2 - January 2026 to March 2026

• Q3 - April 2026 to June 2026

• Q4 - July 2026 to September 2026

 
Summary of Quarter-on-Quarter Financial Performance
The table below shows a comparison of the quarters ended September 2025 and December 2025 financial results.
 
 
 

 
Summary of Annual 12 Months Financial Performance
The table below shows a comparison of the 12 months ended December 2024 and December 2025 financial results.
 

 
 
Note: ILCU data includes data from 90% of active CUs in the Republic of Ireland.