Ruth Coppinger (Dublin West, Anti-Austerity Alliance) | Oireachtas source

We all had questions about approved housing bodies and I spoke to the credit unions earlier. I certainly do not see the approved housing bodies as being the solution to, or ending, the housing crisis in that they are too small-scale and the resources would be better given to local authorities but it would be a stretch to blame the approved housing bodies for causing the housing crisis. The latter is not the case at all. That was said. I give that preamble to my question because I do not want to sound like I am defending the housing bodies. To be honest, the cause of the housing crisis is quite clear. It is two successive Governments, if one wants to put it that way, rather than housing bodies. It was an ideological decision taken to pass over house building to housing bodies which I do not agree with that. The housing bodies have a minority role rather than the majority role.

I would not be opposed to the proposal in the sense that if the housing bodies will borrow from a bank, they may as well do it at a cheaper rate from the credit unions which have a better ethos in the sense of being not for profit and for the common good, and they give cheap loans to workers. I would not oppose this proposal but I would make the point that the Government has the ability to borrow at 1% and what is being proposed here is for between 3% and 4%. I have made this point to the league. We must borrow cheaply and build housing on a major scale rather than such small scales but I certainly would not stand in the way of this going ahead.