The Minister for Housing, Planning, Community and Local Government spoke this morning about amending and making good the failed voluntary mortgage-to-rent scheme that has been in place for the last number of years with very little, if any, success. He talked about opening the scheme up to private equity funds, giving them the opportunity to buy mortgages and properties in bulk from the banks in order for approved housing bodies or local authorities to rent the properties back to their occupants. It was also mentioned that credit unions would have an opportunity to take part in this scheme. It will be brought forward on a pilot basis which would suggest that there will be no legislation to give effect to it. Surely legislation will be required to give credit unions the opportunity to take part in the scheme, especially considering the amount of funds they have available. They want to invest those funds in the economy and more particularly in housing in order to help people and to give them the opportunity to remain their homes into the future.

Deputy Cowen raises an important issue. The intention is that those who had the mortgages in the first place should not be displaced and forced out of their homes. We want to find opportunities for them to be able to continue to live in their homes as tenants who would have the opportunity to lease or buy back their homes in the future. I am aware of the progress of this but to be honest, I cannot recall whether legislation is necessary. I will check that and advise the Deputy on it later. It is true that credit unions have a lot of money that they wish to invest in the housing sector.