Fianna Fáil has called for Credit Unions to become a major investor in developing social and 'affordable' housing across Ireland.

The party's Spokesperson on Finance, Michael McGrath TD, said collectively, Credit Union's have around €8.5 billion held investments, yet their returns are not substantial.

"Time and time again the Credit Union movement have come forward with proposals to invest a portion of that money in a social and affordable housing model," he said

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"Previously, a major restriction was the Central Bank's investment rules for Credit Unions which prevented them from pooling their investments in Approved Housing Bodies. However these regulations were thankfully changed earlier this year which now means Credit Unions can start to make an impact on the housing crisis.

"What is clearly lacking here is leadership from Government. We are still awaiting any meaningful proposal from the Government to establish a funding model that can utilise Credit Union funds to build, sell or rent social and affordable housing. This is delay is yet more evidence of a Government that is asleep at the wheel.

"Access to credit is a major stumbling block in the housing crisis and at the same time credit unions are crying out for viable long term investments. We need the Government to take leadership on this and bring forward proposals for the Credit Union sector."

(LM/CM)