Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

It is very important as we resolve the housing crisis that we look to new finance vehicles. The Deputy is absolutely correct to emphasise the role the credit union sector can play. There are also a number of funds we are looking to get involved in the provision of social and affordable housing. We can leverage these streams of funding to make sure we put secure housing in place and at less cost to the taxpayer. That is why when we talk about housing delivery, it is very different from 30 or 40 years ago. There are different streams we can use to maximise value for the taxpayer, while also securing homes for people. We have to be very careful with the credit union sector as it went through its own difficulties during the financial crisis. We have to recognise that regulation of the credit union movement is a matter for the Central Bank, with which we do not want to interfere. It was a very welcome decision when it stated tier 3 approved housing bodies could receive funding from the credit union movement. It is a substantial amount of money, at just under €700 million. There are two classes of credit unions that could become involved. We are aiming for September to have clarity on the special purpose vehicle. We have to be careful in the Department because we cannot get directly involved with an approved housing body and a credit union. It is for the Irish Council for Social Housing to work with the innovative funding available to put the special purpose vehicle in place. The third quarter of thie year is the deadline to which we are working in having clarity on the matter and moving forward to leverage the investment.

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