Bank of Ireland has increased its target for the funding of homebuilding through debt and equity finance by a quarter.
The bank now aims to support the construction of 30,000 homes, up from 24,000 homes across 220 sites in 22 counties currently. The previous target would have represented an increase of 14% from last year when BOI funded 21,000 new homes.
The company is also convening a group of key housing market stakeholders, including homebuilders, equity investors, representative bodies and professional services to "consider ways in which the private sector can further increase housing supply responsibly."
Myles O'Grady, group chief executive at Bank of Ireland, said the fact that housing output remains materially behind annual demand would have significant consequences for individuals, families, Ireland's economic progress and social cohesion.
“The constituent components of the housing issue are multifaceted and include a range of well-aired matters such as planning, zoning, the availability of serviced land, and public policy interventions. While these are outside the direct control of the private sector, we hold an extremely important piece of the solution – the financing and construction of homes," he continued.
“That’s why, in addition to increasing our target for housing support to 30,000, I’ve also asked a number of housing market stakeholders to meet in June. The purpose of this is to consider ways in which the private sector can optimise housing supply in a responsible way.
"There may be steps that haven’t been actioned to date, or perhaps some specific blockages that can be solved. We all have a responsibility to investigate every angle to accelerate housing supply and collaboration is key to this."
In addition to O'Grady, the group will include Jason Byers, head of residential, Ireland, Kennedy Wilson; Eddie Byrne, CEO, IRES REIT; Patrick Durcan, CEO, DRES Properties; Pat Farrell, CEO, Irish Institutional Property; John Feeney, CEO, corporate and commercial, Bank of Ireland Group; Marian Finnegan, managing director, residential & advisory, Sherry Fitzgerald; Stephen Garvey, CEO, Glenveagh Properties; Alan Hartley, director of home buying, Bank of Ireland Group; Sean O'Nell, managing director, Park Developments; Michael Stanley, CEO, Cairn Homes; and Margaret Sweeney, independent non-executive director, Bank of Ireland Group.
Bank of Ireland last year increased the funding it made available for new housing by 40% to €2.5bn, including €1bn for social and affordable projects.
Recent projects include 237 new homes in Dunshaughlin, Co. Meath and 220 social and affordable homes in Mulhuddart, Dublin with GEM Construction, 123 family homes in Dublin 15 with Castlehorn, 531 apartments in Ballyfermot, Dublin 10 with Dwyer Noland Developments, and 199 houses and duplex apartments in Mallow, Co. Cork with Hallmark Developments.
Additionally, Bank of Ireland funded O'Flynn Group's construction of 96 houses in Kerry Pike, Co. Cork, and the development of 76 houses and 46 apartments in Clonmel, Co. Tipperary by Torca Homes.
(Pic: Supplied)
