Bank of Ireland Group increases home building target to 30,000
Eva Osborne
Bank of Ireland Group is increasing its target for the funding of home building, with a new ambition to the construction of 30,000 homes across Ireland through debt and equity finance.
The bank is currently ing the construction of more than 24,000 homes, across all housing types, on 220 sites in 22 counties.
This is already a step up from last year when the construction of 21,000 homes was funded, underlining the bank’s focus on making a tangible contribution to addressing Ireland’s housing challenge.
In addition to the new housing target, Bank of Ireland is also convening a group of key housing market stakeholders – drawn from homebuilders, equity investors, representative bodies, and professional services – to consider ways in which the private sector can further increase housing supply responsibly.
Commenting, Group chief executive of Bank of Ireland, Myles O’Grady, said: “Housing development is a pressing economic and social issue for Ireland, but outputs remain materially behind annual demand. This raises the prospect of significant consequences for individuals and families, as well as for 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.
“That’s why, in addition to increasing our target for housing 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.
“At Bank of Ireland, our purposeful role to Irish society and the Irish economy is clear. We will play our part in helping solve this issue and will challenge ourselves to do more.”
Bank of Ireland last year increased funding available for new housing by 40 per cent to €2.5 billion, including €1 billion for social and affordable projects.
Recent projects include:
- GEM Construction – 237 new homes in Dunshaughlin, Co Meath (‘The Willows’) and 220 social and affordable homes in Mulhuddart, Dublin (‘Churchfields’);
- Castlethorn – 123 family homes (3 and 4-beds) in Dublin 15 (‘Luttrellstown Gate’);
- Dwyer Nolan Developments Ltd – 531 apartments in Ballyfermot, Dublin;
- Hallmark Developments – 199 houses (2, 3 and 4-beds) and duplex apartments in Mallow, Co Cork (‘Rose Hill’);
- O’Flynn Group – 96 houses (2, 3 and 4-beds) in Kerry Pike, Co Cork;
- Torca Homes – 76 houses (2, 3 and 4-beds); 46 apartments in Clonmel, Co Tipperary.
