Paudie Coffey (Waterford, Fine Gael) | Oireachtas source

Deputies need not be so cynical. I assure the Deputies that the Government is treating this as a matter of major priority in terms of finding all the resources and finance we can make available to invest in social housing. We have put on the public record our strong commitment. We have underpinned it by budgetary commitments and the rolling out of an ambitious social housing strategy. In fact, local authorities and approved housing bodies are struggling to keep up with it, such is the demand that exists and such are the resources being provided. We have provided more than 300 staff for local authorities to assist in the provision. The challenge lies in the delivery of social housing. The finance, ambition, strategy and objectives are very clear.

The clearing house group has nothing to do with the banks. It is made up of officials in the Department of the Environment, Community and Local Government supported by officials from the Housing Finance Agency as well as the Department of Public Expenditure and Reform and other Departments. Its function is to stress test the proposals to ensure the taxpayer gets the best value for money in respect of the submissions. Some of these submissions will not fly at all, as it were. They will not represent good value for money for the taxpayer, but others possibly will. The job of the clearing house group is to analyse and stress test them, after which the proposals with potential will be progressed as soon as possible.

I note some of the specific points raised by the Deputies. The Irish League of Credit Unions in its submission has made a specific request for regulatory change . It has requested that the Central Bank amend its 2006 guidance note for investments to allow credit unions to loan money to approved housing bodies for property schemes. I am mindful of the independence of the Central Bank and Deputies should be as well. Officials in my Department are in contact with their colleagues in the Department of Finance to consider the potential regulatory and legislation changes that are needed as well as the implications. This is not something that can be done overnight.

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