Barry Cowen (Offaly, Fianna Fail) | Oireachtas source

I thank both bodies for their presentations. It was appropriate that the committee acknowledge the process commenced by the Central Bank and also acknowledge and support the submission made by the Irish League of Credit Unions.

We have been saying, until we were blue in the face, that there is a crisis in the provision of housing and an emergency in the provision of social housing. This is a no-brainer. We have the potential for €2 billion in investment which could yield a return to the credit union movement and provide up to 6,500 social housing units, but there are two roadblocks. The Government needs to open the two roadblocks. The Rebuilding Ireland document made a vague commitment to look at the potential which exists in this financial vehicle to support the industry by allowing new finance into the market to create more competitive finance in the marketplace than the restricted finance available from the pillar banks.

This is an emergency but this is available to assist in addressing the crisis. However, the Government and the Central Bank are procrastinating and it is just not good enough. As Senator Boyhan said, this is a simple document and it is clear about what it sets out to achieve. It has benefits for all concerned and I have no question to ask of the witnesses today. I just want to voice my full and vehement support for the recommendations. I have made a submission on behalf of our party supporting that stance. I implore Government and the Central Bank for movement in this area. We are told that NAMA is in the process of winding down and that it has the potential for €2 billion. NAMA also has the NARPS model which promotes a similar type of vehicle to what is being proposed here, one which does not impinge on European regulation. It is not on balance sheet but an off-balance sheet methodology that can work and yield results. There is a role for NAMA as an authority in respect of the management of these and other funds, to ensure we find a way out of this crisis with real and meaningful ways of doing things, different from how we did things in the past. Relying on conventional methods, which the Government is pouring money into, is just not working. It did not work under Deputy Kelly's plan, it did not work under Deputy Coveney's plan and it will not work under the current Minister's plan. This is the way social and affordable housing has to be delivered. Let us get on and do it. Let us ensure this committee plays its part in demanding that Government moves in this direction.