Thursday, 1 February 2018

Ceisteanna (345)

Barry Cowen


345. Deputy Barry Cowen asked the Minister for Housing, Planning and Local Government the timeframe for the establishment of a new financial vehicle to allow credit unions invest in the provision of social housing; the stage the process is at; and if he will make a statement on the matter. [5145/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Housing)

My Department and the Department of Finance have met with Credit Union representative bodies on a number of occasions to examine how their sector can assist in the area of financing social housing delivery.

The Central Bank is currently finalising their Consultation on Potential Changes for the Investment Framework for Credit Unions. Once this has been finalised and, if approved, the potential changes could allow for investment by credit unions in the delivery of social housing, having regard also to the potential implications of a decision expected from Eurostat in relation to the classification of Approved Housing Bodies for Government accounting purposes.

Conscious of the independence of the Central Bank in its regulatory role in respect of credit unions, bilateral engagement has taken place between both Departments to consider the potential regulatory and legislative implications of credit union involvement in the social housing sector.

Both Departments have also met with the Central Bank to provide information of a technical nature in relation to social housing funding arrangements. This was with a view to assisting the Central Bank in understanding how these arrangements operate, as it deals with issues arising from proposals put forward for credit union investment in social housing.