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

Again, I think that is unfair criticism from the sector, in that we have engaged with them as much as we possibly can. We cannot design it for them. They are private entities. I want to be very clear on this. Our job is housing. We are not in the business of setting up special purpose vehicles. We have been trying to engage with the process and certainly through our offices, both of us, as Ministers, and our officials have met them on many occasions to try to engage with them, encourage them and put them together. One of the credit union movements is ready; it is through all of the process and has money available. I cannot be any clearer than that. The other credit union movement is engaged with a process which should be completed in October and that will enable it also. My understanding is that one approved housing body has its own SPV. People need to understand what is going on here. We brought this as far as we could possibly bring it. I would be unhappy that it took so long from the Central Bank point of view but we are not in charge of that section. It is my understanding that we cannot do any more for them at this stage.

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