A leading Northern Ireland housing association has become a social investor in the UK's only bank that is also a charity.

Abbeyfield has built up prudent reserves for the future maintenance of properties and their board of directors have invested in Charity Bank to help the bank lend local voluntary and community organisations.

By depositing a substantial six-figure sum with the bank, its reserves will earn a fair interest rate, while being recycled in the local community through loans to voluntary and community organisations.

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Local charities and social enterprises are also set to benefit.

Charity Bank’s Regional Manager, Niamh Goggin, said: "Northern Ireland’s housing association movement has shown great leadership in meeting housing needs, using an efficient and effective business model.

"Charity Bank is delighted to work in partnership with Abbeyfield UK (NI) Ltd, to finance projects like the building of a carers' centre and the restoration of historic buildings.

"Together, we can deliver a fair financial return and real social impact through investing."

Abbeyfield’s Chief Executive, Geraldine Gilpin, said: "Abbeyfield UK (NI) provides support, independence, security and companionship for older people in its nineteen supported sheltered properties across Northern Ireland.

"We are delighted to have found a way to use our reserves for the benefit of the local community, while receiving a fair return for our investment."

(PR/KMcA)