A memory system incorporates shared redundant memories and has a shared redundant memory architecture. The memory system includes a modified memory to be used as a shared redundant memory between memory systems. These memory systems may have several smaller memories forming a single logical memory or various memories in close proximity on an integrated circuit system. The shared redundancy is achieved by adding a comparator to the redundant element for comparing between the faulty address and the system address and performing a memory operation based on the comparator output. As the redundant memory operations are performed in parallel to the memory structures, setup and hold times are reduced. Shared redundancy also results in reduced integrated circuit area.