Robert Troy
Longford-Westmeath · Fianna Fáil · Ireland
“Only last weekend, I had the honour of representing the Taoiseach at the commemoration of those who had lost their lives at the Battle of the Somme. The presence of the deputy First Minister of Northern Ireland was a very positive development. I understand that it was the first time she was present in Dublin for that commemoration.”
“People deserve to know and understand not just the aspiration but the implication for their livelihoods, public services and future. Transparency is something I have tried to foster during my term as Minister of State in the Department of Finance. People expect it and are savvy enough to find it themselves.”
“I welcome the opportunity to contribute on this debate on the financial implications of Irish unity. It is fair to say that it is an important discussion and one that deserves to be approached with seriousness, honesty and respect.”
“If we are serious about unity - I believe we all are - we must be equally serious about preparation. That includes asking the difficult but necessary questions, including about the role of the UK in supporting any transition, whether financial contributions over a defined period would form part of any agreement and how the EU could be inv…”
“While many will view these as barriers so as to delay and misinform, we need to realise that our island has overcome its fair share of barriers in the past and we have the capacity to overcome any barriers in the future. What we should be looking at are the opportunities that a united Ireland presents.”
“It can be secured through reassurance, actions and compromise. Deputy Lahart indicated some of the compromises that may need to be considered. From a financial perspective, we need to look for clarity. Some fundamental questions need to be addressed. What would happen to public services? How would taxation be structured?”
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“I will undertake to ask the officials to respond to the Deputy. I honestly do not know but I will put it into context. In the 2024 budget for the FSPO, only 4%, or €525,000, of the overall costs came from the Department and 96% of the funding was covered by the industry. A very small percentage of the funding is coming from the Department. I do not know what the rationale was back in 2017 but we will get that information from the Department. To put it into context, we are talking about a very small element of the overall funding for the ombudsman’s office.”
“This is the metric used in practice used by the FSPO and provides more clarity and transparency for the calculation of expenses.”
“The main updates proposed by this Bill are to calculate the percentage split between the industry and Exchequer funding over the three immediately preceding financial years as opposed to the previous financial year as is currently provided for in the 2017 Act, and to update the term “dealt with by the Ombudsman” to “received by the Ombudsman". By providing for a calculation of expenses over a three-year period, any spikes, or the opposite, with regard to a certain type of complaints received during the year would not dramatically affect the calculation of expenses in a given year. That will provide certainty in terms of the resources for the ombudsman. Updating the term “dealt with” to “received by” makes it easier to identify when a complaint has been received as opposed to when it has been dealt with.”
“I have been told that the FSPO was created by merging the Financial Services Ombudsman and the Pensions Ombudsman and the levy system design reflects that since the 2017 Act. I do not know if that clarifies the matter for Deputy Doherty but if not we can come back to him with a more comprehensive answer. Section 3 outlines and updates the methodology for calculating expenses via a percentage split charged to the financial services ombudsman sector by a levy for financial services complaints, and expenses charged to the Exchequer for pensions cases. That was the question raised by the Deputy and that has been the case since the merger of the two ombudsmen in the 2017 Act.”
“Under section 25 of the Financial Services and Pensions Ombudsman Act 2017, the FSPO publishes a comprehensive annual overview of complaints, while under section 62 of that Act, it also publishes decisions on complaints against financial service providers and case studies of decisions on complaints against pension providers subject to the requirements of the Act. Accordingly, while it was not proposed to accept the Deputies' amendments, I appreciate that they did not move them and I give a commitment to engaging with the Minister and requesting that, in his ongoing engagement with the FSPO, he will keep this on the radar.”
“The FSPO is also accountable to the public accounts committee under section 22 of the 2017 principal Act and to other Oireachtas committees under section 23 of that Act. In recent years, representatives of the FSPO have also appeared regularly before the Committee on Public Petitions and the Ombudsmen. In addition, a range of parliamentary procedures are available to all Deputies, and I have committed to engaging with the Minister, Deputy Donohoe, to ensure he will keep this on the radar in his engagements. It is available to all Deputies to seek updates on the FSPO by way of parliamentary questions and I have no doubt the Deputies will use that opportunity themselves.”
“I thank Deputy Doherty and understand where he is coming from. The Minister does have regular engagement with the Financial Services and Pensions Ombudsman and we can commit to keeping the matter under review and on our radar in the regular engagement. In respect of the amendments, as the Deputies are aware, we undertake post enactment to carry out scrutiny of all legislation. This includes the requirement under Dáil Standing Orders that a post-enactment report be produced and laid 12 months after the enactment of legislation in the parliamentary Library. This 12-month post-enactment period provides a more appropriate timeframe in which to consider the operation of new legislation, particularly in this case in respect of extending the scope of the FSPO's jurisdiction.”
“We all deal with people who have had their mortgage sold to vulture funds or who have been dealt with inappropriately by financial institutions and credit servicing firms. It is not unique to members of the Opposition. I deal with them in my constituency office, as do Government backbenchers, on a daily basis. It is in all our interests that all consumers have the protection of the Financial Service and Pensions Ombudsman. This amendment takes on board what was identified initially and will give that protection to everyone who needs it.”
“It expands the definition of "financial service provider" in the FSPO Act to include entities engaged in credit servicing before the credit servicing regulatory regime came into force. To confirm, it covers all activity of credit servicing before regulation came into being. Deputy Doherty referred to the length of time it has taken for cases to be adjudicated through the FSPO. I also have concerns about that. The Minister for Finance sanctioned its work plan for 2024 to 2026. The implementation of this work plan increases the office's resources and the capacity of the FSPO to resolve cases more promptly, with an increase of 42% in staffing. We would hope to see much greater efficiency in dealing with consumers' complaints.”
“It was the Opposition that highlighted this at the time when the legislation was coming through. To the credit of the Minister for Finance at the time, former Deputy Michael McGrath, he undertook to take on board the Opposition’s concerns. I looked back at the debate in the Official Report. In February 2024, he acknowledged the Deputy had raised this matter in the House the previous week when we were bringing through legislation. The then Minister said it was important, and his commitment, that all consumers have equal access to the Financial Service and Pensions Ombudsman. He was not in any doubt about that. He undertook to consider the matter and postpone Committee Stage until a satisfactory resolution could be identified. Following consultations with the Attorney General, the previous Government approved this amendment last July.”
“This amendment will now address the legitimate concern which was raised and will ensure that all mortgage holders will have access to the Financial Services and Pensions Ombudsman, if needed. The second part of the amendment is solely a drafting amendment, essentially to specify the statutory instrument number of the reference guidelines in the Bill. I commend the amendment to the Deputies in the House.”
“Currently, the Financial Services and Pensions Ombudsman may only accept a complaint relating to the conduct of a credit servicing firm where the conduct giving rise to the complaint occurred after the commencement of the relevant Act. This amendment will extend the jurisdiction of the Financial Services and Pensions Ombudsman in respect of the activity of credit servicing. The Financial Services and Pensions Ombudsman will have jurisdiction to review complaints made at any point after a loan sale. This includes complaints before the commencement of either the 2015 Act or the 2018 Act. As the Deputies will be aware, this issue was raised by Deputy Doherty in particular at the Second Reading of the Bill.”
“No. 127 of 2010);”,”. This amendment amends section 2 of the Bill, which provides for an amendment to the underlying section 2 of the Financial Services and Pensions Ombudsman Act 2017. There are two parts to the amendment. The substantive amendment is to the definition of the financial service provider as set out in the 2017 Act. The definition of "financial service provider" is the list of financial entities in respect of which a complainant may submit a complaint to the Financial Services and Pensions Ombudsman. The amendment will include any person engaged in the activity of credit servicing before the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Acts 2015 and 2018, respectively.”
“I move amendment No. 1: In page 3, to delete lines 17 to 20 and substitute the following: “(a) in subsection (1)— (i) in the definition of “financial service provider”, by the insertion of the following paragraphs after paragraph (g): “(ga) a person who, before the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015, engaged in any of the activities referred to in subparagraphs (i) to (iii) of paragraph (a) of the definition of ‘credit servicing’ in section 28(1) of the Central Bank Act 1997 and does not otherwise fall within paragraph (gb); (gb) a person who, before the commencement of the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018, engaged in any of the activities referred to in subparagraphs (i) to (iii) of paragraph (a) of the definition of ‘credit servicing’ in section 28(1) of the Central Bank Act 1997 and does not otherwise fall within paragraph (ga);”, and (ii) by the insertion of the following definition: “ ‘Credit Reviewer’ has the meaning given to it by the Guidelines issued under section 210(1) of the National Asset Management Agency Act 2009 (S.I.”
“It is not under my remit but the Deputy can be assured that the concerns he raised this evening will be relayed to the Minister, who will work with the officials to try to ensure we meet the expectations of the schools in question.”
“I again thank Deputy Brennan for raising these issues, and for doing so quite forcefully on behalf of the respective schools and articulating their positions. The Deputy is correct in saying that it is so important when we are making these investments in the schools that we get it right and that we put in place the services the schools need and the pupils and the teaching staff deserve for their respective schools. It is critically important as well to continue to engage with the schools, as the school building unit does, to be fair to it, and to keep them informed. That is what the school authorities need to know. They need to know how their application is progressing. They need to know that if there is an issue that it has to respond to it in a timely fashion, so that it can progress through the various stages.”
“The Bunclody Community College project has been devolved for delivery to Waterford and Wexford Education and Training Board to provide a new extension and refurbishment of an existing building. The tender short-listing process under the management of the ETB is nearing its conclusion. Once this process is complete, the project will progress to tender and construction in due course. Waterford-Wexford ETB will be engaging directly with the school authority to keep it informed of progress. I again thank the Deputy for providing the opportunity to outline the Department of Education's position in relation to these four projects. As I have outlined, the Department will continue to engage with the relevant school and delivery authorities to progress these much-needed projects as quickly and as practicably as possible.”
“John's senior primary school submitted an application for funding under the emergency works scheme for external environment works to its playground. The emergency works scheme operates on the basis of a minimal scope of works required to remedy an emergency situation and on this basis, the school was advised to submit a revised scope of works with an accompanying itemised cost breakdown. Once this has been received, the emergency works scheme team will review the revised application and will engage further with the school as appropriate. The emergency works scheme team is aware of the urgent nature of the works required and will keep the school informed throughout the progress.”
“The National Development Finance Agency will engage directly with the school authorities to keep them informed of the progress. The Gorey Community School project was devolved to the school authority for delivery as part of the additional school accommodation scheme. The project brief will deliver five general classrooms, four special educational training rooms, one art room, one home economics room, one science room with preparation area and ancillary area. The project is currently at stage 1, which is early design, and the addendum report has been received by the Department and is currently under review. Once this review has been completed, the Department will contact the school authorities and advise on the next steps to progress this much-needed project. St.”
“The length of time a project takes to deliver depends on several factors, including scale and complexity, and is subject to the time it takes to progress through the various design stages and the statutory approval process. The Coláiste Bhríde project has been devolved to the National Development Finance Agency for delivery as part of a programme of school building projects. The project will provide a new build replacement school for a long-term projected enrolment of 1,000 pupils, including a four-class special educational needs base. The project is currently in the final stages of stage 2b, which is the post-planning process, and once this stage has been finalised and approved, the next stage is onwards to tendering and construction.”
“I thank the Deputy for raising this matter as it provides me with the opportunity, on behalf of the Minister for Education, to outline to the Dáil the current position in relation to the multiple projects specified in the Deputy’s request, namely, Coláiste Bhríde in Carnew, Gorey Community School, St. John's senior primary school in Arklow and Bunclody Community College. Since 2020, the Department has invested more than €5.7 billion in our schools throughout the country, involving the completion of over 1,150 school building projects. Between projects currently under construction and projects moving to construction in the coming months, investments by the Department of Education are adding more than 550,000 sq. m of new and modernised capacity to our school estate.”
“I raised my concerns in this area with the Minister in the previous Government, Deputy O'Gorman. I was pleased to see he took on board those concerns. We have increased the core funding to €160,000 but we need to build on that further. I will take what the Deputy has said this evening back to the Minister, Deputy Foley.”
“I agree with him that while there are many other funding opportunities and streams, it takes time and effort for centres to access them. That effort diverts the attention of the staff away from the critical services they provide. They are working with people who are very vulnerable in their respective communities, with counselling provided right across the spectrum of age brackets, from early intervention to dealing with senior citizens. They provide an invaluable service. I would like to see the funding being made more streamlined, with a block grant given every year, in order that staff can concentrate their time and efforts on providing the services that are needed in their communities. I guarantee the Deputy that I will take on board his suggestions and relay them back to the Minister, Deputy Foley. I support what he has said.”
“I thank the Deputy for his honest and sincere contributions this evening. It is clear that he places a huge value, as do I, on family resource centres. The Minister is very pleased that 2025 will see the family resource centre programme expanding, with the provision of five new centres. That expansion is an imminent and very welcome development for the programme, its member organisations and the communities the new centres will serve. We must acknowledge that the previous Government brought the base level of funding up to €160,000. For the Cara Phort resource centre and the one in Athlone, that is an increase of more than €40,000 per annum in core funding, which is a most welcome development. The resource centre to which the Deputy referred is at the €160,000 level. We must acknowledge and welcome that. However, we need to go further.”
“In 2023, 129,305 people participated in family resource centre initiatives, highlighting their importance in fostering social inclusion and lifelong learning.”
“They are usually located in disadvantaged areas and serve as vital hubs for a wide range of community activities, catering to all age groups from early childhood to senior citizens. They offer universal and targeted services, including information and support, education courses, counselling, community group development and practical assistance. They also address specific needs such as integration supports for Ukrainian refugees and international protection applicants. In partnership with Tusla, family resource centres operate a prevention and early intervention approach offering support to all children and families in their community, while also targeting those most in need and those at risk of harm.”
“In the context of expansion, funding of €800,000 was secured by the Department as part of budget 2025. The commissioning unit of Tusla, the Child and Family Agency, will manage the selection process. Five new centres are expected to be operational by summer 2025, with core funding of €160,000 applying to each centre. Core funding is only one element of funding that family resource centres can avail of. Core funding comes from the Minister’s Department and is administered by Tusla, but many family resource centres obtain additional funding from other Departments, State agencies and private sources. This allows them to expand the scope and reach of their services and to tailor them to the needs of their communities. There are currently 121 family resource centres nationwide.”
“Family resource centres will benefit from any further funding awarded to section 39 and section 56 bodies for pay related costs, and this will further increase the current core funding they receive. It is important to acknowledge that core funding of more than half the programme membership was already greater than €160,000 and in many cases, significantly so. The Minister supports the vital role played by family resource centres, which provide a comprehensive range of services tailored to individual community needs at low or no cost to many clients. As part of a range of measures aimed at reducing childhood poverty, the current programme for Government commits to working to increase funding and to expand the capacity and network of family resource centres.”
“The purpose of the allocation was to bring the core funding of the family resource centre programme members to a new base level of €160,000 in 2025 and to immediately provide additional funding for 2024 to the lowest-funded centres. The funding was intended to allow the centres to increase their staffing complements in some cases and to support the pivotal role the centres play in many communities. Some 54 centres around the country benefited from this measure. Any future increases to core funding across the programme will be built off this new level. The Minister, Deputy Foley, is aware the family resource national forum has expressed a desire for core funding of €220,000 to €250,000, as Deputy Buckley has highlighted today. Its rationale will be considered when planning for any future changes to core funding.”
“I thank Deputy Buckley for raising this important issue and for offering me the opportunity to respond. As a former board member of the Cara Phort Family Resource Centre in my home village of Ballynacarrigy, I know first-hand the work these family resource centres undertake. As Deputy Buckley has outlined so eloquently regarding the resource centres in his own constituency, they really do invaluable work in the communities they serve. In April 2024 the Department of Children, Equality, Disability, Integration and Youth announced €1.5 million in additional funding for family resource centres. When I was a Government backbencher, I advocated quite forcefully for the need for additional funding for resource centres.”
“We will, however, do that without undermining the stability and certainty needed for investors. From a taxation perspective, we have many schemes in place that are working and playing a positive role, including help to buy and the zoned land tax. These are positive interventions that I believe will contribute to more homes being built. Put simply, we need more housing of every type, including social, affordable and private, and this can only be achieved through the public and private sectors working together and to their respective strengths. For that reason, the Government is opposing this motion.”
“In this regard, European multilateral banks such as the European Investment Bank Group and the Council of Europe Development Bank have already provided financing to bodies such as the NTMA and the Housing Finance Agency. I can assure the House that there is strong engagement between the Government and these banks with regard to identifying investment opportunities in line with our priorities in the programme for Government, including housing. Overall, we need a broader consideration of how we as a country are going to approach private sector investment in housing. In that process, we will continually review and improve the regulatory environment to create a functioning housing system that delivers across all tenure types, engaging diverse and stable sources of finance.”
“It will include developing new financing sources, especially for brownfield sites and small builders, with support from Home Building Finance Ireland, the Housing Finance Agency and domestic banks as well as State support of equity investment. As part of this effort to build more homes, we will not just welcome but compete for private and patient capital from long-term investors such as pension funds. We will attract and welcome inward investment for housing, as we have successfully done with investment in other sectors of our economy. That is a normal facet of housing investment across Europe and beyond and it is what is needed to keep delivering more homes across Ireland. Further to this, EU funding streams are already being accessed in the context of housing delivery.”
“As stated previously, this Government is channelling a record €6.1 billion in capital expenditure into housing this year alone. This is into social and affordable housing. That is the right thing to do and the Government will continue to invest significantly in the supply of social and affordable housing. Furthermore, the Government is committed to continuing to diversify sources of investment in order to increase the supply of homes. This will include engagement with domestic lenders to ensure that the banking sector is using its lending capacity to support the development of new housing nationwide.”
“The kind of investment Ireland needs to attract now and going forward requires a stable tax and policy framework within which those who are building more homes, be they social, private or cost-rental, can operate. Our focus is squarely on creating an environment that encourages the stable delivery of new homes. In that respect, the Government is putting record capital behind our local authorities and approved housing bodies to deliver. The State is doing more than it has ever done before. An unprecedented level of public resources is being directed at housing. For 2024, the delivery of affordable housing will significantly exceed the 2023 outturn, while the supply of new-build social homes continues to be at levels not seen since the 1970s.”
“This included the introduction of a higher rate of stamp duty on the acquisition of houses situated in the State where a person acquires at least ten such houses during any 12-month period, with some exemptions and refund provisions applying. This rate was increased to 15% from October 2024. The proposal to extend 100% tax to apartment purchases would effectively end the forward-funding channel for apartment supply - worth approximately €4 billion in investment between 2019 and 2022. This is an example of the ill-thought-out aspects of this motion from the Social Democrats. While its intentions are no doubt well placed, the reality of its policy is fewer homes and higher rents.”
“The Department of Finance estimates that large landlords delivered some 17,000 apartments in Ireland between 2017 and 2023, accounting for 46% of the 37,500 apartments built during that period. The importance of this type of investment underscores the importance of policy certainty for investment in this sector going forward. In doing so, we are acting to benefit both today’s renters and those wishing to avail of accommodation in future. One thing is certain - increased supply benefits all renters and that is why it is our key ambition. Responding to concerns in 2021 that new housing was being acquired by investment funds for subsequent rental, the Government took a number of actions to ensure that homes are available for purchases by families and individuals.”
“In doing so, we ensured that the current system of rent controls would give tenants absolute certainty while that review took place. That review is currently under way under the aegis of the Housing Agency and the expected timeline for completion is quarter 1 of 2025. Under Housing for All, the Government is committed to increasing the supply of rental properties, protecting renters and encouraging sustainable investment. The review will examine the operations of rent pressure zones since their introduction, assess their impact on key stakeholders and consider whether rent pressure zones should be continued in their current form, removed, modified or replaced. Let me be clear. Protecting renters and attracting finance for home delivery are not mutually exclusive.”
“The Housing Commission and the Department of Finance have advised that in order to deliver homes across varied tenures and for all people, we need diverse and stable sources of financing, including private capital. The motion calls for the Government to retain rent pressure zones until there is an alternative system put in place that can protect renters. What this motion fails to acknowledge is that this system is already in place. The Housing for All action plan update published in November 2022 includes a commitment to "review the operation of the private rental sector and report on policy considerations". In May 2024, we extended rent predictability measures to the end of this year through the amendment of the Residential Tenancies Act.”
“I am here representing the Government and I can assure Members that the Minister for Housing, Local Government and Heritage is aware of the debate that is ongoing today. What we can all agree on is that a substantial increase in the supply of new homes is the route to solving Ireland’s housing crisis. Where we might differ is that this Government understands that the State cannot act alone in achieving this. That is why we are opposing this motion. This year, we are channelling a record €6.1 billion in capital expenditure into housing, a fact the Social Democrats failed to acknowledge. For context, this is a six-fold increase over the past decade. Although this is a significant level of funding, the estimated development finance required to deliver 50,000 homes is a substantial €20 billion every year.”
“It is a matter of public record that I am a landlord. I just wanted to put that on the record of the Dáil. I assure all Deputies that the Government is absolutely committed to building more homes and that we are working on all fronts to achieve that goal and to ensure the great needs within our society and our economy are met. I thank the Social Democrats for raising this issue as it is important that we have a full, informed and clear discussion on what we must do in terms of what are shared ambitions, namely, improving conditions for renters, increasing affordability of homes and, most important, increasing overall supply. There are many times in the various debates when the Social Democrats will be represented by one or two Members in the Dáil. That does not mean the party is uninterested.”
“I move amendment No. 1: To delete all words after "Dáil Éireann" and substitute the following: "acknowledges that: — Housing for All - a New Housing Plan for Ireland, sets out an ambitious multi-annual programme that seeks to deliver more than 300,000 new homes between 2022 and 2030; — since Housing for All was published in September 2021, almost 120,000 homes have been added to the National Housing Stock, with delivery of 92,500 new homes in the three years from 2022 to 2024, representing a considerable 49 per cent increase on the quantum delivered in the previous three-year period; — while the policy aim is to reach, if not exceed, the target in each successive year, the primary goal is to maintain an upward trajectory in supply and in line with or ahead of the overall target over the longer-term; — delivery of affordable housing supports will significantly exceed 2023 outturn, while the supply of new build social homes continues to be at a level higher than it has been for many years; — the development finance required to deliver 50,000 homes per year is in the region of €20 billion annually, and capital is needed from a range of sources to ensure the provision of private, social, and affordable homes; and — the Housing for All Action Plan Update, published in November 2022, included a commitment to 'Review the operation of the private rental sector and report on policy considerations', and the housing Rent Pressure Zones (RPZs) have played a key role in protecting renters during a period of historic inflation, and that is why they are remaining in place during the review; further notes that: — the Irish Real Estate Fund (IREF) legislation was introduced in 2016, to address concerns regarding the use of collective investment vehicles by non-residents to invest in Irish property; — on 22nd October, 2024, following Government approval, the then Minister for Finance, Jack Chambers TD, published the Funds Sector 2030: A Framework for Open, Resilient & Developing Markets', a wide-ranging review of the funds and asset management sector, and this review fulfilled a recommendation of the Commission on Taxation and Welfare 2022 report, which called for 'an examination of the regimes for Real Estate Investment Trusts (REITs) the IREFs and their role in the property sector, including how they support housing policy objectives'; — European Union funding streams are already accessed in the context of housing delivery in Ireland, and in this regard, European multilateral banks, such as the European Investment Bank Group, and the Council of Europe Development Bank have already played a role in delivering affordable and social homes in Ireland, and provided financing to bodies such as the National Treasury Management Agency (NTMA) and the Housing Finance Agency (HFA); — under the term of the last Government, a number of measures were taken to restrict the bulk buying of homes by institutional investors, such as: — a higher rate of Stamp Duty on the acquisition of houses situated in the State, where a person acquires at least 10 such houses during any 12-month period, was implemented in October 2024, and this rate was increased to 15 per cent from 2nd October, 2024; — the Section 28 Guidelines for Planning Authorities ‘Regulation of Commercial Institutional Investment in Housing’, issued in May 2021, aimed to prevent multiple housing and duplex units being sold to a single buyer, providing an 'owner-occupier' guarantee, by ensuring that new 'own-door' houses and duplex units in lower-density housing developments can no longer be bulk-purchased by institutional investors in a manner that causes the displacement of individual purchasers or social and affordable housing, including cost-rental, and initial estimates for this period indicate that these Section 28 guidelines have continued to be impactful and have led to a further increase in home ownership through the use of planning conditions; and — from May 2021 to November 2024, a combined total of 55,684 residential units were estimated to have received planning permission with conditions restricting the bulk buying or multiple sales to a single purchaser; and — the Housing Agency is currently undertaking a review of RPZs and the expected timeline for a completed review is Q1 2025, and the review will consider whether RPZs should be continued as is, removed, modified, or replaced, and the extension to the Residential Tenancies Act in May last year, ensures predictability for tenants while this review takes place; recognises that: — the Housing Commission have advised that in order to create a housing system that functions across tenures and for all people, we need diverse and stable sources of financing; — this capital is needed to ensure the provision of private, social, and affordable homes, homes of all tenures for families across the country at all price points; — following on from a review of the rental market in July 2024, the Department of Housing, Local Government and Heritage, has requested the Housing Agency to undertake a review which will assess the operation of RPZs and it is expected that this review will be completed by end of Q1 2025, and any potential future policy options that arise from this review will be fully considered by the Government and implemented as required; and — the Department of Housing, Local Government and Heritage, is continuing to deliver accelerated funding schemes across the affordable and social programmes which have the potential to unlock delivery of schemes in good locations, while enabling additional supply, with over 60 per cent of active approved projects under the Cost Rental Equity Loan being accelerated projects scheduled for completion between 2025 – 2028; and affirms Government efforts to: — diversify sources of investment, noting the level of investment required in the long term cannot be solely the responsibility of the State, it will also require a very significant level of private investment, including appropriate institutional capital investment which is essential for the delivery of critically needed private rented stock; — engage with domestic lenders to ensure that the banking sector is appropriately using its lending capacity to support the development of new housing nationwide; — develop new financing sources, especially for brownfield sites and small builders, with support from Home Building Finance Ireland, the HFA and domestic banks, as well as State support of equity investment; — enhance protections for tenants, while appropriately vindicating landlords' constitutionally protected property rights, through measures introduced by successive recent Governments via the Residential Tenancies Acts; — build on the significant number of social and affordable homes provided in 2024, expanding State investment, with almost €5 billion available for the delivery of social, affordable and cost-rental homes in 2025, supplemented by Land Development Agency investment and HFA lending, which will bring the overall capital provision to over €6 billion; and — deliver on the far-ranging commitments in the Programme for Government and informed by the Housing Commission's proposals for the long-term reform of the housing system, accepting this is an appropriate response to the current housing challenges which Ireland is now facing.".”
“I will work with the credit union movement and Members in this House to clearly set out how we would like to see, develop and grow it in the coming years. I engaged with my officials on the dormant accounts question earlier this week. How that might work in the future is under review.”
“I have not formally engaged with the credit union yet but it is on the agenda in the coming weeks. However, I have engaged informally. My own credit union had me at its schools table quiz last Thursday night and used the opportunity to talk to me about some of the challenges it is facing. I will be engaging with the credit unions in the coming weeks. The Deputy will be aware that the programme for Government contains a commitment to establish a five-year strategy to set out clearly, in consultation with the credit union movement, how we would like to see it develop and grow over the next five years. Credit unions do provide an invaluable service in their respective communities and offer an opportunity for greater competition in the financial services market.”
“It is good news for credit unions. I know from engaging with my own credit union in Mullingar, the North Midlands Credit Union, that it is looking forward to these new lending limits so it has the opportunity to offer greater services to its customers.”
“I also compliment my predecessor in this role, the former Minister of State, Deputy Fleming as well as Ministers of State, Deputies Richmond and Carroll MacNeill who did a lot of work in the area with the review of the credit unions which are such an important financial institution in all our communities right across this country and provide a great service. Take unsecured personal lending. Some 87% of credit union loans are personal lending but they do have the capacity to offer services in the area of mortgages and business lending. That is why the proposals are there now to increase the capacity to 30% in mortgages and 10% in business lending. We are in the process of finalising that. I will meet the relevant officials in my Department and the Central Bank in the coming weeks to try to bring that to a conclusion.”
“The Central Bank is now consulting on the following proposals for change: decoupling the limits to prescribe new separate concentration limits for house lending and business lending; removing tiering whereby all credit unions regardless of asset size may avail of the same concentration limits; and adjusting the lending capacity available to all credit unions for house and business lending, within the new concentration limits with house lending to be 30% of total assets and business lending to be 10%.”
“On 11 December 2024, the Central Bank published consultation paper 159 - Consultation on Proposed Changes to the Credit Union Lending Regulations alongside a report on credit union lending on the Central Bank website. In the consultation paper, the Central Bank is proposing a number of targeted material changes to the credit union lending regulations in concentration limits for house and business lending and lending practices for specific categories of lending.”
“At that time, the feedback statement set out the Central Bank's intention to perform and publish an analysis of credit union sector lending three years post the commencement of the amendments to the lending regulations in order to assess and analyse the actual impact which the changes to the lending regulations have had and to inform any decisions on the need for future change. The Central Bank commenced that analysis in quarter 4 of 2023 and consulted with credit union stakeholders on this matter. The former Minister of State and my officials had multiple constructive and open engagements with the Central Bank as part of that review.”
“I compliment Deputy Brabazon and congratulate him on his election and his maiden contribution to the Dáil. I wish him well in the years ahead and assure him that any support or help we can give him in his endeavours to represent the people of Dublin Bay North will be forthcoming. In January 2020, revised Central Bank lending regulations were put into effect on credit union house and business lending only. There is no regulatory limit on personal, unsecured lending which comprises approximately 87% of the credit union loan book.”