Pádraig O'Sullivan (Cork North Central, Fianna Fail) | Oireachtas source

I thank the Minister of State for his response. Our credit unions are among our most trusted financial institutions and are uniquely placed to support the delivery of housing and many retrofitting schemes. The Irish League of Credit Unions, representing approximately 226 credit unions with an estimated €18 billion in assets, looks set to follow in the footsteps of the Credit Union Development Association by linking with investment partners, as the Minister of State mentions, to form a special purpose vehicle to invest in the sector. Last summer, this association announced plans to launch a social and affordable housing fund, backed by more than 50 of its member unions. In co-operation with Initiative Ireland it intends to lend up to €300 million per year to deliver more than 1,000 homes annually.

The credit union sector has demonstrated it has the capacity to contribute to lending in this sector, and given the precarious nature of banking in this country, it will provide an appropriate vehicle for certain future homeowners to borrow, especially for social and affordable housing. Is there any permission for credit unions to engage in lending beyond the three AHBs mentioned by the Minister of State?

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