Dáil Éireann Debate, Tuesday - 2 November 2021
289. Deputy Thomas Pringle asked the Minister for Finance the number of credit unions that have applied for and been approved to invest in social housing provision by the Central Bank in each of the past two years; and if he will make a statement on the matter. [53165/21]
Amharc ar fhreagraOn 18 September 2021 it was announced that two credit union backed funds had received regulatory approval from the Central Bank to lend to Approved Housing Bodies (AHBs) for the purposes of delivering social and affordable housing. These include the Credit Union Approved Housing Body Fund and the Credit Union Development Association (CUDA) backed Approved Housing Body Fund.
Since 1 January 2016, section 43 of the 1997 Act provides that the Central Bank may prescribe investments in which a credit union may invest its funds. Following a review of the investment framework for credit unions in 2017, the Central Bank introduced amending investment regulations for credit unions. Since 1 March 2018, credit unions have been permitted to invest in regulated investment vehicles where the underlying investments are investments in Tier 3 Approved Housing Bodies (AHBs) for the provision of social housing. The regulations require that investments by credit unions in Tier 3 AHBs must be made through a regulated investment vehicle.
