BANK OF IRELAND AND BARCLAYS CLOSE £50M FINANCING FOR CO-OWNERSHIP HOUSING DEAL TO SUPPORT FIRST TIME BUYERS

The £50 million deal represents the largest single funding arrangement for a housing association in Northern Ireland to date.

The deal will enable Co-Ownership Housing to assist more families and individuals struggling to get onto the home ownership ladder through the familiar Co-Ownership scheme, which has already helped 22,500 lower income households to purchase the homes of their choice throughout Northern Ireland.

Commenting on the financing package, Niall Quinn, Head of Structured Finance, Ireland, Barclays, says:

“Barclays’ extensive knowledge and experience of working with Co-Ownership Housing and many of the other local social housing associations allowed us to provide a strategic financing solution tailored to meet the organisation’s specific needs.

“Co-Ownership Housing has also benefited from a £200,000 cashback via Barclays’ ‘Cashback for Business’ loan initiative. Facilitated by the Bank of England’s Funding for Lending Scheme, it follows on the heels of Barclays’ successful delivery of cashback loans under the recent £2.5 billion National Loan Guarantee Scheme. Lending is a vital way that Barclays can support growth in the economy and we will continue to work with our customers and clients to provide finance options that fulfill their requirements.”

Ian Sheppard, Bank of Ireland’s Head of Corporate Banking, Northern Ireland,comments: Bank of Ireland is pleased to continue its longstanding relationship with NI Co-Ownership Housing.  This latest funding arrangement highlights the important role which Co-Ownership Housing plays in making affordable housing a realistic prospect for first time buyers and reaffirms Bank of Ireland’s commitment to the local housing market.

Alan Crowe, Chief Executive of Co-Ownership Housing, discusses:

“Our financing relationship with Bank of Ireland and Barclays began in 2009 with a £48 million funding arrangement aimed at delivering 1,500 affordable homes over 3 years. This initiative was extremely successful and both banks proved to be skillful strategic banking partners.”

“Real incomes are still under pressure and the local housing market is a challenging place.  Building on the rolling government grant support announced for Co-Ownership of £25m annually and this new funding arrangement, we are committed to playing a significant role in supporting affordable home ownership in Northern Ireland.”

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For further information:

On behalf of Barclays  –  Janet McKay – 07968 817514 or [email protected]

On behalf of Bank of Ireland – Anne Mathews +353 (0)76 623 4771 or [email protected]

On behalf of Co-Ownership Housing – Lynn Patterson 028 90327276 or [email protected]

Notes to Editors:

About Northern Ireland Co-Ownership Housing Association Limited

Co-Ownership Housing was established in 1978 to meet the needs of people who wished to purchase a home but could not afford to without financial assistance. Co-Ownership Housing is a registered Housing Association, an Industrial and Provident Society, and is accepted as a charity by the Inland Revenue.

Co-Ownership Housing is a major contributor to the Department for Social Development’s housing programme through its affordable home ownership scheme.  It is grant funded and regulated by the Department for Social Development, which has provided £25m in housing association grant (HAG) so far during the current year to support the purchase of at least 700 homes for local households, and announced a further £25m in grant for each of the next 2 years.  Any property under £175,000 may be considered for purchase through the Co-Ownership scheme, subject to valuation, title and the eligibility of the applying individuals.

Co-Ownership Housing provides up to 50% of the funding to individuals, who then contribute the balance towards the home of their choice, usually through mortgage from any one of several market suppliers. Individuals start off with the percentage share in the property that they can afford and can then increase that initial share by purchasing part or all of the remaining equity in the property from Co-Ownership Housing if their financial circumstances improve.

About Barclays

Barclays moves, lends, invests and protects money for customers and clients worldwide.  With over 300 years of history and expertise in banking, we operate in over 50 countries and employ over 140,000 people.

Our customers and clients benefit from access to the breadth of expertise across Barclays.  We’re one of the largest financial services providers in the world, engaged in retail banking, credit cards, corporate and investment banking, and wealth and investment management.

We are a leading global wealth and investment manager providing international and private banking, wealth planning, trust and fiduciary services, investment management, brokerage services and research to private and intermediary clients around the world.

About Barclays in Northern Ireland

Barclays provides a full range of corporate banking services in Northern Ireland, including treasury, risk management, asset and sales finance to clients across a range of business sectors and sizes.  In addition to Barclays corporate banking expertise, Barclays also offers a market leading private banking service based in its Belfast office, as well as retail banking in nine branches across Northern Ireland.

Since setting up in Northern Ireland in 1996, Barclays has established a track record of financing some of Northern Ireland’s leading companies, as well as the financing of large scale infrastructural projects. The bank is now expanding its reach into the SME market and is expected to be a bigger player in the Northern Ireland market in the years ahead.

About Bank of Ireland

Bank of Ireland Group is the leading provider of financial services products in the Republic of Ireland, has a significant presence in the UK market and employs c. 14,000 staff in total.