Joan Burton (Dublin West, Labour) | Oireachtas source

It is good to see all of the witnesses. From the presentation, I get the sense that the position is improving but not terribly quickly. I have been interested in this issue for a long time.

I will put questions to Mr. Johnson first. He might recall the recent discussion about how mortgage loans could be provided to people who would traditionally be family customers of the credit unions. The credit unions would be well placed to do some of that business. The Minister for Housing, Planning and Local Government, Deputy Eoghan Murphy, indicated he had created a statutory vehicle that would enable credit unions to offer mortgage lending. I submitted a number of parliamentary questions on this issue and my understanding was that nothing the Department of Housing, Planning and Local Government did entirely met the requirements of the Central Bank or the Department of Finance. I appreciate that some mortgage lending has taken place, as the witnesses noted, but in the context of the people who need housing, we might collectively agree that the amount is small to minute. Considering that credit unions have approximately €14 billion available for potential loans, is Mr. Johnson disappointed with the rate of mortgage lending? Could it be higher? What would be a realistic target and what is the problem with the Central Bank requirements?

The replies to parliamentary questions on this issue go around in circles. The Minister and the Department are very anxious to point out that loans are available and they point to the recent take-up of some lending as evidence of this. However, one gets the sense that the Central Bank and Department of Finance are extremely cautious and conservative about the prospect of a significant, rapid expansion in demand in lending to young people in their 20s and 30s who could get a mortgage that would be cheaper than the rent they are paying. Many of them are probably working in the public service, including in the Department of Finance and the Central Bank. They would be queueing up through the various Civil Service credit unions for a mortgage. Will Mr. Johnson indicate what the current position is in this regard?