Housing Associations in Northern Ireland are to be reclassified as public bodies.

The decision was made by the Office for National Statistics (ONS).

Communities Minister, Paul Givan MLA, said: "Housing Associations make an invaluable contribution to the social housing sector in Northern Ireland and it is vital that they continue to do so. This is why the Finance Minister and I presented a joint paper at an Executive meeting, which they have approved, seeking a reversal of the ONS decision to reclassify NI Housing Associations, including amending legislation where appropriate."

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Finance Minister, Máirtín Ó Muilleoir, added: "Having a secure and stable social housing sector is a key cornerstone of our civic society. We need to take all measures necessary to ensure that the sector has stability to invest and grow. If left unaddressed by the Executive, would change the budgeting rules and could result in an annual shortfall of almost £100million in relation to social and affordable housing. That's why we plan to seek a derogation to prevent this."

(CD/LM)