Joan Burton (Dublin West, Labour)
Link to this: Individually | In context | Oireachtas source

172. To ask the Minister for Finance the discussions his Department has had with the European Investment Bank and other Departments to establish an off-balance sheet special purpose vehicle to draw down funding from the EIB to facilitate large scale mixed social and private residential development; and if he will make a statement on the matter. [38047/17]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Ireland Strategic Investment Fund (ISIF) and the wider NTMA are continuing to examine the feasibility of establishing a funding vehicle, in conjunction with the private sector, which could facilitate investment in social and affordable housing. The objective is to assess the feasibility of an 'off-balance' mechanism to facilitate investment in social housing which is additional to that being provided directly by the State and which does not impact on the General Government Balance. 

Important preparatory work has been completed by ISIF in conjunction with my Department, the Department of Housing, Planning, Community and Local Government, CSO and EUROSTAT. As part of this process there have been clarifications on the balance sheet treatment of such a fund through discussions with EUROSTAT, the CSO and the EIB.

Further detailed work is on-going in ISIF in relation to the commercial viability of such a fund and in terms of identifying investable private sector opportunities and platforms to deliver on the potential in this area.

Initial discussions with the EIB have taken place, and these have explored possible EIB participation in funding the housing model. These initial discussions indicate that the EIB is interested in supporting a housing model. Attention is now focused on developing a model which meets the off-balance sheet requirements, and one in which the EIB might participate.