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

We are clear on that. The Department has assisted with the funding, through the ICSH, to help develop that. It is in three phases, the first two of which are complete. Phase 3, on which the Deputy is asking for an update, is due in October, in the next couple of weeks. That is to allow a special purpose vehicle to be set up. The Deputy is right to say the Irish League of Credit Unions is involved in that. I want to be clear that the Department has engaged with the two credit union bodies.

I understand the Credit Union Development Association, CUDA, has made it clear to the approved housing bodies, AHBs, that it is ready to invest and open for business. It has done work on this, so CUDA is an option.

The Deputy mentioned another piece of ongoing work - a special purpose vehicle, SPV, option - being done by the Irish Council for Social Housing. I understand it is due in October. We helped to fund that arrangement, but we cannot make the council do it. I want to be clear, in that it is not for us to set up the SPVs.

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