Bank of Ireland raises construction funding target to 30,000 homes

Bank of Ireland raised its target for funding of home construction from 24,000 houses to 30,000 across Ireland. 'Housing development is a pressing economic and social issue for Ireland, but outputs remain materially behind annual demand,' said chief executive Myles O’Grady.
Picture: Naoise Culhane

Bank of Ireland has raised its target for funding of home construction from 24,000 houses to 30,000 across Ireland, it announced on Thursday. 

Last year Bank of Ireland funded the construction of 21,000 homes, and this year the bank was already supporting construction of 3,000 more, on 220 sites in 22 counties.

Bank of Ireland said it is also convening a group of 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.

“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," said chief executive Myles O’Grady. 

Bank of Ireland last year increased funding available for new housing by 40% to €2.5bn, including €1bn for social and affordable projects. Recent projects funded include the Hallmark Development in Mallow; Rose Hill in Kerry Pike, a Torca Homes development in Clommel; a 531-apartment development by Dwyer Nolan in Ballyfermot; the Castlethorn 'Luttrellstown Gate' project in Dublin 15 and the GEM Construction projects at The Willows in Dunshaughlin Co Meath, and at Churchfields in Mulhuddart, Co Dublin.