Bank of Ireland Group has increased its housing development financing target to 30,000 homes as the lender steps up efforts to address Ireland’s ongoing housing crisis.
The bank is currently supporting the construction of more than 24,000 homes across all housing types on 220 sites in 22 counties, representing a significant increase from the 21,000 homes funded last year.
Group Chief Executive Myles O’Grady described housing development as “a pressing economic and social issue for Ireland” with outputs remaining “materially behind annual demand.” He warned this raises the prospect of significant consequences for individuals, families, and Ireland’s broader economic progress and social cohesion.
To accelerate solutions, Bank of Ireland is convening a group of key housing market stakeholders in June, including homebuilders, equity investors, representative bodies, and professional services firms. The meeting aims to identify ways the private sector can responsibly increase housing supply.
“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,” O’Grady said, acknowledging that planning, zoning, serviced land availability, and public policy remain significant challenges.
The bank increased its housing funding by 40% last year to €2.5 billion, including €1 billion specifically allocated for social and affordable projects.
Recent major projects supported by Bank of Ireland include GEM Construction’s 237 homes in Dunshaughlin and 220 social and affordable units in Mulhuddart, Castlethorn’s 123 family homes in Dublin 15, and Dwyer Nolan Developments’ 531 apartments in Ballyfermot.
Other significant developments include Hallmark Developments’ 199 houses and duplex apartments in Mallow, the O’Flynn Group’s 96 houses in Kerry Pike, and Torca Homes’ 76 houses and 46 apartments in Clonmel.
“We all have a responsibility to investigate every angle to accelerate housing supply and collaboration is key to this,” O’Grady emphasized, pledging that Bank of Ireland would continue challenging itself to do more in addressing Ireland’s housing shortage.