Environmental context The Central Bank’s statutory mandate requires us to regulate the credit union sector with a view to ensuring the protection by each credit union of the funds of its members and the maintenance of the financial stability and well-being of the sector. Our role therefore necessarily focuses on both how members’ funds are safeguarded and the viability of the sector as whole.
There is no doubt that making a clear distinction in the terms and conditions applicable for first-house buyers would facilitate the granting of loans. It is also perceived that buying a first house represents a low-risk investment as the collateral for mortgage financing is usually secured by fixed charge on both land and building.