Mr Donal McManus, Executive Director of the Irish Council for Social Housing, has welcomed the set up of the NAMA company to fast-track the purchase of social housing.

He said: "The establishment of a special purpose vehicle (SPV) will be crucial in accelerating the transfer of properties for social housing. To date transfers have comprised a circuitous route involving a range of stakeholders such as borrowers, lenders, receivers and NAMA.

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"Non -profit housing associations, such as early examples from Dublin and Carlow, demonstrate what can be achieved but if a special purpose vehicle is developed as a fast track system this would allow for even a much greater scale of transfers. This can provide some relief to the many thousands of families on waiting lists as well as recreating sustainable communities in utilising vacant and unfinished properties."

(CD/GK)