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BANK OF IRELAND AND BARCLAYS CLOSE £48M FINANCING
5th November 2009
Bank of Ireland and Barclays today announced the completion of an innovative £48 million funding arrangement aimed at delivering 1,500 affordable homes for Northern Ireland through the Co-Ownership Scheme.
BELFAST, DUBLIN, LONDON - Bank of Ireland and Barclays today announced the completion of an innovative £48 million funding arrangement aimed at delivering 1,500 affordable homes for Northern Ireland through the Co-Ownership Scheme.
The 1,500 homes represent Co-Ownership Housing’s contribution towards the Northern Ireland Executive’s affordable homes strategy. They will be purchased for first time buyers through the Co-Ownership scheme over the next 3 years to 2012.
The arrangement between Co-Ownership Housing, Bank of Ireland and Barclays levers in private finance for social housing in Northern Ireland through Co-Ownership’s uniquely successful equity sharing scheme. The £48m deal represents the largest single funding arrangement for a housing association in Northern Ireland to date.
Commenting on the funding, Donal MacAteer, Corporate Banking Director at Bank of Ireland and Niall Quinn, Director, Barclays Commercial Bank said:
“We are delighted to be able to provide funding for the NI Co-Ownership programme and it is a good example of the type of strategic and innovative transactions we are supporting despite difficult market conditions. This deal demonstrates the commitment of both Bank of Ireland and Barclays to the NI Housing Association sector and to the continued support of our customers through the current challenging economic conditions.”
Alan Crowe, Chief Executive of Co-Ownership Housing, is clear about the benefits that the deal will bring to its clients: “Bank of Ireland and Barclays have truly held the vision during challenging times for the financial and housing markets. At just £23,571 the typical Co-Ownership first time buyer income is two thirds the Northern Ireland average. This funding creates hope and opportunity for people who otherwise might not expect to own a home.”
© Bank of Ireland 2012
