John Curran (Dublin Mid West, Fianna Fail)
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87. To ask the Minister for Finance the progress being made with the Irish League of Credit Unions to develop its proposals to make funding available for social housing; and if he will make a statement on the matter. [1603/17]

Michael Noonan (Limerick City, Fine Gael)
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I am pleased that the credit union sector is considering various proposals to increase its income and develop its business model. My Department has received a number of such proposals from both the Irish League of Credit Unions and from the Credit Union Development Association.  Proposals from both representative bodies, in relation to the funding of social housing, are at various stages of development. While the Department of the Housing, Planning, Community and Local Government is the Department primarily responsible for the formulation and implementation of policy and for the preparation of legislation in relation to housing, any such proposals would require approval of the Registrar of Credit Unions at the Central Bank before they could be implemented.

The Central Bank has informed me that it has received information regarding proposals for credit unions to provide funding for social housing and is currently engaging with the sector on those proposals.  It further stated that while it does not comment on specific proposals, such investments could be facilitated by future regulations made by the Central Bank, where appropriate. The Central Bank also stated that it is willing to consider the type of regulations that would be required to facilitate such proposals. However, the Central Bank's key consideration in evaluating such proposals is its statutory mandate to ensure the protection of members' savings by credit unions and to ensure the wellbeing of the sector generally.

Officials from both my Department and the Department of Housing, Planning, Community and Local Government have met with the representative bodies on a number of occasions to examine how credit unions can assist in the area of social housing.  Officials from both Departments have also met with the Central Bank.  Separately, meetings are ongoing between the Department of Housing and my Department, with the latest meeting to progress this matter taking place in December 2016.