Darragh O'Brien (Dublin Fingal, Fianna Fail) | Oireachtas source

On 27 February the Irish League of Credit Unions met departmental officials shortly after the Central Bank had given its approval for the diversification of the classes of investments. We understand it applies to tier 3 approved housing bodies. There is €700 million available to be invested that could be invested in the provision of about 5,000 homes. The Minister is talking about the third quarter. When will the regulated investment vehicle set out in the credit union regulations be established? Are we setting a target date? When will the special prupose vehicle be set up? I know that work is ongoing on it. The Minister is saying it will be completed in the third quarter. The Department had originally told the Irish League of Credit Unions it would be ready in June or September to receive the investments. Are we still working towards it being ready in September? I hope we are. I noted the Minister's comments earlier in the week. I welcome the discussions he is having with the European Investment Bank on investing in social housing. It is something I welcome. There is €10 billion available in Ireland in the credit union sector, with €700 million ready to be used. Discussions with the European Investment Bank are great, but there is Irish finance available for community good. Will the Minister give me a target date for when he wants the special purpose vehicle to be established and up and running?

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