News & Media

FG must stop blocking Credit Unions investing in social housing

11 July 2019

Statement by Jan O'Sullivan TD
Spokesperson on Housing & Local Government, Enterprise & Innovation

Speaking in the Dáil today Labour's Housing spokesperson, Jan O'Sullivan TD raised the establishment of a Special Purpose Vehicle for Credit Unions to invest in social housing. Deputy O'Sullivan was critical of this government's 3-year delay on this issue.

Deputy O'Sullivan said;

“Since the summer of 2016, there has been a commitment from Government, with full cross-Party support, to facilitate the Irish League of Credit Unions to fund the building of social housing through the voluntary housing sector.  They have sizable extra assets that are unused while we have a housing crisis.  This log-jam needs to broken.

"Today, as the Dáil goes on recess, I have called on the Government to work over the summer to put this financial vehicle in place.  I pointed out that the movement, embedded in all our communities, has €750 million immediately on standby with more to follow.  That would build homes for thousands of families.

"From a public policy perspective, this is a no brainer.  It would help to address the biggest crisis facing us, it would be off-balance sheet so wouldn’t affect our fiscal targets and it would use resources lying idle in our own country.

"The Government needs to get off its hands and move this on."