Fianna Fáil Housing Spokesperson, Darragh O’Brien TD has called on the Government to expedite the establishment of a new mechanism to support Credit Union investment in public housing.

Despite the Central Bank allowing Credit Unions to invest in such a vehicle since January, the Government has yet to finalise a proposal.

He said, “For years now, Credit Unions have put forward a clear strategy to finance public housing. The Central Bank provided for regulations on the matter earlier this year.

“There is a commitment in the Confidence & Supply agreement between Fianna Fáil & Fine Gael to “Develop a strategy for the growth and development of the Credit Union sector”.

“Regrettably, this Government has failed to finalise a specific proposal to allow Credit Unions invest in the provision of public housing across Ireland.

“At a time when more and more families face a crisis in public and affordable housing, Fine Gael has prioritised funding private landlords rather than support the means for additional investment to develop new housing units.

“I have written to the Housing Minister to highlight the critical need to expedite its process to fully enable the Credit Union sector in this regard.

“It’s truly puzzling as to why this Government would wish to ignore such a worthwhile strategy put forward by the Credit Union to alleviate a national crisis in housing that has gone beyond measure, Deputy O’Brien concluded.