Damien English (Meath West, Fine Gael) | Oireachtas source

I had not finished my answer. We meet credit unions and both the Minister and I are conscious of their ability to invest. We always say access to cash is not restricting the provision of housing, but we welcome the involvement of credit unions through investment and providing loans. Six approved housing bodies applied to draw down funding and a sum of €104,000 was drawn down to expand four schemes. The Irish Council for Social Housing was establishing a sector-led financial vehicle to allow approved housing bodies to expand and draw down money through special purpose vehicles. Cluid is developing a set of procedures, guidelines and templates for mergers and acquisitions, while Oaklee has engaged with financial advisers to secure off-balance sheet funding. Túath has engaged with external experts to undertake research, while two schemes are waiting for inclusion in the affordable rental scheme. There are different approved housing bodies drawing down funding in different ways to invent new models to attract money. Credit unions met the Oireachtas committee on housing and homelessness. It also met us on a few occasions. I was involved with the credit union movement even before taking up this brief on the subject of allowing its members to invest in housing provision and provide loans for approved housing bodies. We are all on the same page in wanting this to happen. Many of the decisions to be made are outside the scope of the Department of Housing, Planning and Local Government and proper to the Central Bank and the Department of Finance, but we have worked with them too. Credit unions have set out the proposed means by which funding could be provided for approved housing bodies for the development of social housing. My Department and the Department of Finance met credit union representative bodies on a number of occasions to examine the sector. Both Departments also met the Central Bank to provide information of a technical nature on social housing funding arrangements. Thankfully, it resulted in the changes announced in January this year.

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