I propose to take Questions Nos. 1374, 1422 and 1428 together.
Work has been ongoing between the Irish Council for Social Housing (ICSH), a number of larger Tier 3 AHBs and their financial advisers on the development of a vehicle for delivering private financing for AHBs providing social housing in line with commitments under the Rebuilding Ireland Action Plan for Housing and Homelessness. This project involved a number of phases, including engagement with a range of financial institutions. Part of this also involved the AHBs examining models that will facilitate private financing with regard to the recent reclassification of Tier 3 AHBs. It is anticipated this work will be completed shortly.
Following engagement with the credit union sector on proposals for credit unions to provide funding for the provision of social housing, the Central Bank undertook a review of the investment framework for credit unions in 2017. On foot of this review, revised Regulations commenced on 1 March 2018. The revised Regulations included the addition of investment in “regulated investment vehicles where the underlying investments of the regulated investment vehicle are investments in Tier 3 Approved Housing Bodies” as a permitted investment class for credit unions. As such, since March 2018, credit unions are permitted to provide funding, through a regulated investment vehicle, to Tier 3 AHBs for the provision of social housing. In respect of the development of specific SPVs by the credit unions to enable them to make investments in the sector, it is a matter for the credit unions themselves to make the necessary arrangements.