Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

I thank Mr. Carville for his presentation. By way of context, we are in the middle of the worst housing crisis in recent history. The ability of the State to invest in social housing to meet growing housing need is limited because of the financial constraints. Capital investment from central government in social housing remains at historic lows, even with the increases in the past two budgets. The capacity of local authorities to deliver units is constrained by the 23% loss of staff since 2008. Government policy indicates that there is a desire for approved housing bodies to play a more active role. This has been Government policy for some years. Two years ago, the ILCU put on the tables of the Central Bank and the Departments of Finance and Housing, Planning, Community and Local Government proposals which, at that stage, would have allowed, potentially, for the quadrupling of the investment in social housing by approved housing bodies. In 2015, the approved housing bodies were borrowing approximately €124 million. Last year, the figure was €260 million. That delivered, at least in starts, in the region of 1,700 homes. The approved housing bodies sector could potentially be delivering up to 4,000 homes a year. Certainly, that is the position they were in back in 2006 and 2007, when the funding climate was more favourable.

I know these things are not simple and that there are huge risks involved. I am a member of a credit union and I want to ensure that my limited savings in life are adequately protected. However, what many of us just do not understand is how in God's name it takes two years even to get to a consultation on whether it is a viable proposal to release desperately needed funds for housing. Every time we have raised this matter - at the Dáil Committee on Housing and Homelessness and at this committee - with the Department of Housing, Planning, Community and Local Government, the officials have said it is really not up to them and that it is a matter for the Department of Finance. When representatives from the Department of Finance came before the committee, we raised the matter with them and they said it is really nothing to do with them and that it is the responsibility of the Central Bank and the Registrar of Credit Unions. I know that, ultimately, statutory responsibility lies with the Central Bank, but when all these people get into a room privately and try to work out what the right thing to do for the State is, the witnesses' Department and their line Minister have huge influence.

I have two straight questions to which I would very much like answers. First, is it the view of the Department of Finance that it would be a good idea, with all the appropriate checks and balances in place, for credit unions to be able to invest in the approved housing bodies sector, increase the overall amount of loan capacity and diversify from the existing sources of private sector and approved housing body finance? Does the Department believe this is a good idea or a bad idea? The very last sentence of Mr. Carville's presentation had many "coulds" and caveats, but surely his Department has a view on this. Second, why has it taken so long? I know everyone is busy and that we have been in the middle of a whole series of crises, but given that it has taken two years to get to a stage at which we are now considering the matter, someone needs to explain to us and, more importantly, the public how it has taken so long. If one considers the three options the ILCU has outlined in its submission to the Central Bank, the second funding stream - the model we supported in our submission to the Central Bank - would allow for a doubling of the borrowing capacity of the approved housing bodies and a doubling of their output up to the 4,000 units they could be producing. The public has a right to know why it has taken so long for us to reach this point.