Brendan Howlin (Wexford, Labour) | Oireachtas source

The programme for Government pledges support for credit unions. A key issue for credit unions is the development of a special purpose vehicle, SPV, to allow them to invest some of the €17 billion in assets in lending for social housing which is urgently needed. Apparently, this long promised special vehicle should be ready by the first quarter of this year. It was previously promised for the third quarter of last year. It is not clear whether the SPV, when introduced, will be compliant with the regulator's requirements for banks? Will the Government confirm that the Central Bank has approved credit union lending through the SPV and will lending by credit unions to the SPV be on or off balance sheet?

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