Bank CEO says the move reflects the Banks intent to connect Permanent TSB with its community banking heritage.
[Tuesday 14 July] Permanent TSB bank has announced a 3-year partnership with Ó Cualann Cohousing Alliance to support the agency’s work developing fully integrated, co-operative and affordable housing schemes in communities across the country.
Permanent TSB will provide €350,000 to Ó Cualann, which will be used to fund the resources required to accelerate its development plans.
The Ó Cualann Cohousing Alliance was founded in 2014 with the aim of providing fully integrated, co-operative, affordable housing in sustainable communities. By December 2018, all 49 houses of Ó Cualann’s inaugural project in Poppintree in Ballymun were completed and handed over to residents. Permanent TSB’s investment in Ó Cualann will support the agency’s plans to develop 1,800 houses across the country over the next three years.
Speaking at the launch of the partnership today the new CEO of Permanent TSB, Eamonn Crowley, said that the partnership reflected the bank’s wish to connect with communities in line with its roots in the community banking and building society movement; “When I was appointed as CEO I spoke of my pride in the rich heritage of Permanent TSB in the community banking movement* and I want to champion ways of connecting with that heritage, building trust with customers and playing an active role in communities across Ireland. Supporting Ó Cualann is one tangible way to do so and I believe we can provide real financial and strategic support to the team here to enable them to continue with their important work.”
The founder and CEO of Ó Cualann Cohousing Alliance, Hugh Brennan said: “We are thrilled with this investment by Permanent TSB and with their commitment to ongoing financial and strategic support. Housing bodies like ourselves can play an important role in helping to alleviate the housing crisis, but we can’t do it on our own. Permanent TSB’s support will help us to achieve more over the coming years than would otherwise have been possible and for that, we are very grateful.”
The Minister for Housing, Darragh O’Brien TD said “I am delighted to be here today to applaud this special partnership. Working together with local authorities and availing of the land and other supports that have been made available to it, Ó Cualann has experience and a proven track record in providing affordable homes to people. I highly commend the work they do and the community spirit which they engender. I compliment Permanent TSB’s commitment to connecting with its community banking heritage and supporting Ó Cualann’s plans over the coming years. The provision of affordable housing has a profound benefit socially and economically. As a newly appointed Minister for Housing I have given a very clear commitment to placing emphasis on house building by local councils and AHBs throughout the country. I look forward to working with Ó Cualann into the future.”
In addition to the Ó Cualann partnership, Permanent TSB also supports the Mortgage To Rent Programme (MTR). To date, Permanent TSB has completed 47 MTRs and is working on an additional 188 MTR applications. Under MTR borrowers are able to stay in their family home as the Local Housing Body purchases the property from Permanent TSB directly and any shortfall is written off by the Bank. Permanent TSB has also facilitated the sale of over 90 properties to the Department of Housing, which will be used for social housing purposes.
Permanent TSB is supportive of innovative solutions to support Ireland’s need for affordable and social housing and is open to forming partnerships with other housing bodies.