Joe Costello (Dublin Central, Labour)
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I have a final question related to the matter raised by Deputies Paul J. Connaughton, Gabrielle McFadden and others about the possible amalgamation or merger of the Irish League of Credit Unions and An Post. An announcement was made last week by the Minister for the Environment, Community and Local Government on the role credit unions might play in the delivery of social housing. I read a response carried in the Irish Examinerfrom Mr. Martin Sisk, president of the Irish League of Credit Unions, indicating that it intended to play a full role in the development of the economy and was prepared to invest in the region of €1 billion in respect of the €3.8 billion social housing strategy announced. This seems to be quite a departure for credit unions. Do they have the assets, capital and reserves to do this because this is a relatively short-term development and everything must be concluded before the end of 2018 or 2019? As mentioned, what legislative changes would be required to allow that investment be made in what is clearly a Government strategy? I presume the funding is safe, but at the same time, an enormous amount of capital and reserves will be invested in a particular project.