Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

In summary, the Minister is saying this is not an issue for his Department or the Department of Housing, Planning and Local Government. There is no ongoing body of work being undertaken in this space. My understanding of what the Minister of State, Deputy English, said was that by the end of the first quarter of this year, work would be completed to facilitate the SPV that we have spoken about. The SPV would be developed, as I understand it, by the Irish Council for Social Housing and the objective was to facilitate the use of funding for the development of social housing by approved housing bodies. The Departments have a role in facilitating that. The Minister of State was certainly giving a commitment that work will be done in the first quarter of 2019. I would be grateful if the Minister could clarify that matter. Will the SPV, if and when it is established, meet the regulatory requirement of the Central Bank in respect of credit unions?

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