DUBLIN, Ireland–The Irish League of Credit Unions said it is willing to put up €5 billion to help the housing crisis. The fund could be kept off official borrowing figures and would build thousands of houses over the next six years, according to the Irish reports.
In a letter to the Department of Finance, the ICUL said it is anxious to employ its resources for "community-enhancing investments.” According to the Times, the Department has not issued a response.
The league represents 437 credit unions nationwide that have savings in excess of €11 billion. Credit unions told Ireland’s government they have a surplus of €8 billion that could be used for funding.
League President Brian McCrory told the Irish Times that the offer would have the "double benefit" of securing the future of the credit union movement.
The credit union regulator has expressed concerns that credit unions would become overstretched. Dan O'Brien, Chief Economist at the Institute of International and European Affairs, said that credit unions should lend to small developers and bypass the Government completely, the Times reported.