Hopes mortgage scheme will be rolled out to all credit unions

Minister Ciaran Cannon
Minister Ciaran Cannon

Minister for the Diaspora and International Development, Ciaran Cannon, has welcomed a pilot project that will see a small number of credit unions offering home loans and said he would like to see it operating in branches in Galway.

Minister Cannon said: “In rural areas like Galway, the credit union has been the saviour of ordinary people particularly as these institutions developed through the 1970s at a time when it was very difficult for someone on a small wage to get a loan from a bank for something as essential as a car or a home renovation.

“The credit union has also played a significant role in cutting down on people feeling they had no other option but to turn to loan sharks who operated with ruthless impunity, particularly at times like Christmas.

“One must also commend all those selfless volunteers who founded small credit unions in communities across Galway to ensure people had a financial lifeline when it was needed.

“The very fact that these volunteers came from the local community meant that people seeking a loan were met with a friendly face.

“I am very pleased, therefore, that a pilot project has been launched that will see a small number of the member-owned lenders offering home loans.

For more, read this week’s Connacht Tribune.