Sean Fleming T.D. Minister of State for Finance with responsibility for Credit Unions welcomes the launch of two credit union backed funds for lending to Approved Housing Bodies (AHBs) and congratulates the credit union sector for their collaborative efforts in launching the two funds.

Commenting on the launch of the two funds, Minister of State for Finance, Seán Fleming TD said:

“I would like to congratulate the credit union sector for getting approval from the Central Bank for these two funds to invest in social and affordable housing and I am pleased that these two initiatives will be open for all credit unions to participate in. It demonstrates the unique ethos of credit unions helping those most in need in our communities. This is encouraging news for the credit union sector and I am confident that through further collaboration credit unions can continue to grow and strengthen.

“€1.5 billion will be available for investing in housing between these two funds. This funding from the Credit Union Sector is additional and new funding on top of the funding provided for in the Housing For All plan recently launched by the Government.

“Facilitating the Credit Union Movement investing in Approved Housing Bodies was a key priority in the Fianna Fáil General Election Manifesto. I have now delivered on this commitment”

The two credit union backed funds that received regulatory approval from the Central Bank include the Credit Union Approved Housing Body Fund and the Credit Union Development Association (CUDA) backed Approved Housing Body Fund. Both of these funds will lend to AHBs for the purposes of delivering social and affordable housing.