Proudly working with PTSB
Permanent TSB Announces Partnership with Ó Cualann Cohousing. PTSB will part finance operating expenses of the Ó Cualann Cohousing Alliance which provides affordable housing. PTSB’s CEO says the move reflects the Bank’s intent to connect Permanent TSB with its community banking heritage.
Friday 10th July 2021:
Permanent TSB bank has announced a 3-year partnership with Ó Cualann Co-Housing 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 over the coming two years, which Ó Cualann will use to fund the resources required to accelerate its development plans.
The Ó Cualann Co Housing 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 Housing will support the agency’s plans to develop 1,800 houses 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 Co Housing 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.”
Through the partnership, Permanent TSB will provide €350,000 in staged payments over a two year period while the partnership will run for an initial term of 3 years.
In addition to the Ó Cualann partnership, Permanent TSB also supports the Mortgage To Rent Programme (MTR). To date, Permanent TSB has completed 47 MTR 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 PTSB directly and any shortfall is written off by the Bank.
Permanent TSB Heritage
Permanent TSB was formed from the merger of the former Irish Permanent Building Society and the former Trustee Savings Banks. Both institutions focussed on providing community banking and mortgages to members.
Ó Cualann Co Housing Alliance
Ó Cualann Cohousing Alliance CLG (Ó Cualann), incorporated in 2014, is a social enterprise with a cooperative ethos and with Approved Housing Body status whose slogan is 'Building Communities - not just Houses’. Ó Cualann is a not for profit company limited by guarantee (CLG) and a Registered Charity. Ó Cualann is governed by a voluntary board of Directors/Trustees.
Issued by:
Press Office at Permanent TSB pressoffice@permanenttsb.ie
For media queries please contact Leontia Fannin, Permanent TSB, 087 9733143 or Ray Gordon, Gordon MRM, 087 2417373.
