Dáil Éireann Debate, Wednesday - 18 November 2015
30. Deputy Joan Collins asked the Minister for Finance the impact the proposals from the Irish League of Credit Unions to invest €2 billion for social housing will have on the balance sheets of the banks; and if he will make a statement on the matter. [40351/15]
View answerThe credit union sector is aware of the need to consider ways of increasing its income and developing its business model. I am pleased that this topic is being seriously considered by the sector and that various options are being explored. My Department has received a number of such proposals. While the Department of the Environment, 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, the proposal recently received from the Irish League of Credit Unions in relation to social housing funding is currently being examined by my officials. This proposal is at a very early stage of analysis. I understand however, that the proposal contains various examples of investment levels, of which the amount of €2bn is one example.
As per their respective H1 2015 financial statements, the combined funding from all sources at AIB and BOI totalled c. €186bn. Any outflows that may arise as a result of implementing such a proposal would therefore not significantly impact on the balance sheets of those banks.
