Representatives of Cork credit unions and the Irish League of Credit Unions (ILCU) held a special meeting with Fianna Fáil Finance Spokesman Michael McGrath in Cork this week to explain how surplus credit union funds could be used to build social housing, saying they stand ready to deliver.
The prospect of using credit union funds for large-scale social housing projects moved a step closer yesterday when the Central Bank confirmed that they will be allowed to invest in social housing projects under new regulations.
Credit union delegates have outlined the scale of the credit union movement in Cork. Local credit unions have €2.35bn in assets and membership in the area has hit 435,000. These members have savings of €1.95bn with their credit unions.
“Credit unions have had a longstanding, trustworthy and reliable presence in my constituency of Cork South-Central, as they have had across the island of Ireland,” Deputy McGrath said. “This has been a constructive meeting, and delegates made clear that there is an even greater role that credit unions can play in Cork.”