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

Phase 3 is about the technical work required to put together a special purpose vehicle. It is not simple to put a special purpose vehicle together. There are a number of technical requirements. It has been indicated to me that further clarification will come from the approved housing bodies to my Department on how exactly they can do it. We have to bear in mind the separate work happening in the Department of Finance on EUROSTAT's decision on reclassification. What we have said is that it will not stand in the way of delivering the houses we need to deliver through the approved housing body sector under Rebuilding Ireland, but that does not mean that it is a straightforward question as to how exactly the finance will be secured in terms of the balance sheet. It is technical work and there are further questions coming from the approved housing bodies. It will be up to particular approved housing bodies working with particular credit unions to put a special purpose vehicle in place. They will be in a position to do so from the third quarter of the year when the final step is completed. If they choose to enter into an arrangement, because there are other finance houses looking to undertake jobs with approved housing bodies, they will be able to do so from that point on.

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