Dublin: Bank of Ireland has announced plans to inject an additional €750 million into the housing loan market, aiming to achieve a target of €2.5 billion by 2026. Of this sum, €600 million will be allocated to finance social affordable housing units, effectively doubling the bank’s funding commitment to such projects to €1 billion.
This increased financing will enable the bank to provide 40 percent more funding for housing development, facilitating the construction of up to 25,000 units ranging from individual houses to large-scale apartment complexes.
Gavin Kelly, Chief Executive of Bank of Ireland’s Corporate Commercial Banking division, identified the housing crisis as Ireland’s most pressing challenge. Despite the construction of approximately 32,000 homes last year, projected to continue through 2024, a shortage of affordable housing persists, posing barriers to both migrant workers and foreign direct investment. Kelly stressed the importance of diversifying housing options to meet the evolving needs of the population, underscoring the significant increase in funding for social affordable housing as a response to this imperative.
The American Chamber of Commerce Ireland highlighted that 40 percent of US multinational companies operating in Ireland consider housing availability a major concern. With approximately 900 US companies present in the country, directly employing 200,000 individuals, the Chamber emphasised the critical role housing plays in sustaining Ireland’s attractiveness for foreign investment and supporting its economic growth trajectory.
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