Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

That is wrong. I am pleased to inform the Deputy that one of the credit union representative bodies has now completed all the preparatory work for establishing a SPV. There were several things that I needed to do and that the Central Bank needed to do. They are now done. Those responsible within the credit union movement have a level of commitment to being involved in this. It is now up to them to work with approved housing bodies to put in place a framework that works for them to meet this need.

It is most welcome that the preparatory work has now been done by one body. I understand that the particular body in question is now awaiting the build-up of a project pipeline to ensure it has the minimum level of projects that it would require to justify the cost of establishing a SPV.

Everything that I have been called on to do and everything my Department and the Central Bank have been called on to do has been done. All the various credit unions involved now need to go through the type of work that must be done to look at the level of risk and the project pipeline that would justify their investment. I know that work in now under way.

See this speech in context