Bank of Ireland said it approved €600m in new construction loans to housebuilders last year, which supported the construction of 4,000 homes.
The bank said the new lending lifts its homebuilding loan approvals to €1.05 billion, which will support the construction of 21,000 new homes over the next three years, including 9,500 social and affordable homes.
Bank of Ireland has increased the funding available for housing development by 40% to €2.5 billion, with the ambition to support the construction of 25,000 homes.
It has also created a new dedicated housing and construction finance business to provide expert support to the housebuilding sector and is now funding 220 sites across 22 counties.
Recent projects for which Bank of Ireland has provided finance include:
GEM Construction – 237 new homes in Dunshaughlin, Co. Meath and 220 social and affordable homes in Mulhuddart, Dublin
Castlethorn – 123 family homes in Dublin 15
Dwyer Nolan Developments Ltd – 531 apartments in Ballyfermot, Dublin
Hallmark Developments – 199 houses and duplex apartments in Mallow, Co Cork
O’Flynn Group – 96 houses in Kerry Pike, Co Cork
Torca Homes – 76 houses and 46 apartments in Clonmel, Co Tipperary
Bank of Ireland last year also backed the €55m Irish Homebuilding Equity Fund to provide housebuilders with equity investment to unlock early-stage development opportunities.
John Feeney, chief executive of Bank of Ireland’s Corporate and Commercial division, said that housing supply is crucial for the wellbeing of society and the future success of the country and Bank of Ireland is determined to play its part.
“We are currently funding the building of 21,000 homes and we are seeking more ‘shovel ready’ projects – both big and small – to help us deliver on that ambition. Looking out over the first six months of 2025, I’m pleased to say the pipeline is healthy as our customers step up their activity,” Mr Feeney said.
“We also recognise that international institutional capital is important to the funding mix and Bank of Ireland will be making the case for investment in the Irish market where we can be a trusted and reliable partner for international investors,” he added.
