Wednesday, 3 December 2014

Credit unions are key to building on our housing strategy

Credit unions are key to building on our housing strategy

Up to €1bn of credit union funding could be redirected to the Government’s Social Housing Strategy, which aims to meet the needs of some 75,000 households. Credit unions want to make investments that are more sustainable and socially aware, writes Martin Sisk.... 
...It is estimated that 29,000 construction jobs will be created as a result of this initiative which is a welcome development for every sector of our economy. The strategy envisages meeting the housing needs of some 75,000 households through local authority provision via the private rental sector — using the Housing Assistance Payment and the Rental Accommodation Scheme as well as reforming social housing delivery and management in Ireland.

The Irish League of Credit Unions welcomes this initiative and we feel that we have a very positive role to play in its delivery. Credit unions currently have large amounts of excess funds held in deposits and investments. We estimate that somewhere between €500m to €1bn of those funds could be redirected to the Government Social Housing Strategy, which would equate to 2,500 to 5,000 housing units.
...In this way, credit unions will continue to survive and thrive and fulfil the economic and social objectives of the movement and their communities. It is in keeping with the credit union ethos and philosophy that they would do so and it would continue their unending contribution to Irish society as a whole, as they have done over the last 50 years....
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