Simon Coveney (Cork South Central, Fine Gael) | Oireachtas source

My understanding is that, in response to proposals from the credit union sector to provide funding for social housing, the Central Bank's investment framework was amended to allow for investment in tier 3 approved housing bodies via a regulated entity. Since 1 March 2018 credit unions have been permitted to provide funding via a special purpose vehicle to tier 3 approved housing bodies for the provision of social housing. This change in regulation could facilitate a combined sector investment in tier 3 approved housing bodies of close to €700 million. To put this figure into context, to the end of 2017 total lending from the Housing Finance Agency to approved housing bodies was €350 million. Under current regulations, credit unions are free to set up special purpose vehicles and invest in tier 3 approved housing bodies, subject to certain limits.

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