Sir, – The fact that the Government has not responded to an offer from the Irish League of Credit Unions to provide up to €5 billion via its affiliated credit unions toward the financing of social housing is bizarre given the apparent universal political will to sort out the housing crisis. (Credit unions offer Government €5bn housing fund", March 18th)
Such an arrangement would be a win-win situation for both parties.
The State would have access to considerable off-balance sheet funding to address a particularly acute crisis quickly.
Also credit unions, struggling with income generation, would be in a position to shore up their own balance sheets. This would have the effect of strengthening their viability into the future.
If the credit unions have to wait for the assent of the Central Bank to advance such proposals, they will be waiting a while.
– Yours, etc,
KEITH WINTERS.
Dennehy’s Cross,
Cork City.