Construction BUSINESS

Bank of Ireland has made a significant commitment to addressing Ireland’s housing crisis by announcing a substantial increase in funding for housing development. The bank aims to reach €2.5 billion by 2026, representing a 40% surge from the current funding level of €1.75 billion. The focus is on supporting the construction of 25,000 residential units, including various housing types such as houses and both large and small-scale apartment developments.

In an effort to contribute to social and affordable housing, the bank has allocated an impressive €1 billion within the expanded funding framework, up from €400 million. This reflects the Bank of Ireland’s dedication to addressing societal challenges related to housing and promoting diversity in housing options. Gavin Kelly, CEO of Bank of Ireland Corporate & Commercial Banking, emphasized the urgency of the housing issue and the bank’s ambition to play a larger role in meeting the challenge by investing more capital.

Recognizing the need for greater diversity in housing solutions to bridge the gap between supply and demand, Kelly highlighted the commitment to more than double the finance for social and affordable homes. The goal is to ensure everyone has access to high-quality housing, with the bank actively funding construction projects across Ireland. Bank of Ireland is involved in supporting approximately 21,000 residential units across 170 sites, including a substantial commitment to social housing, with around 3,200 units dedicated to meeting this critical need.

To further facilitate developers, the bank has established a dedicated property lending team to provide guidance on the application process, ensuring adherence to the bank’s lending criteria for quality, sustainable, and long-term housing solutions. Recent success stories include McGrath Group Properties completing 250 apartments in Dublin and B&C Contractors Group’s ongoing project catering to social, affordable, and private markets, scheduled for delivery in 2024.