Govt Must Utilise Credit Union Funding To Deliver Social Housing - FF

The government has been urged to utilise the Credit Union's €10bn in assets to deliver new social housing across the country.

The Credit Union movement has been advocating for the ability to utilise its €10bn or so in assets through 'social good' investments for nearly five years.

Fianna Fáil Housing Spokesperson Darragh O'Brien TD has hit out at the government over its failure to tap into the fund to help address the housing crisis.


Deputy O'Brien said: "After five years of work, not one cent of credit union money has been invested in social housing. This was proposed in Rebuilding Ireland and the Programme for Government. It was also mentioned in the Confidence and Supply arrangement with my party.

"The Central Bank removed any regulatory obstacle to Credit Unions investing one year ago yet the Government still hasn't delivered on its many promises."

Mr O'Brien raised the issue directly with Minister Damien English last week in the Dáil, and has also written to Minister Eoghan Murphy.

He has also called for the introduction of a Strategic Purpose Vehicle to access private finance.

"The Government needs to get its act together and set up an SPV that can mobilise these billions of euro into delivering social housing investment," he concluded.

(CM)