Sources and Opportunities for Social Finance in Ireland

T. Daly, T. Lalor: Social Finance in Ireland – What it is and where it’s going, with recommendations for its future development (2003).

Study of the Social Economy in Dublin, produced in 2001, recommended that the major barrier to the development of the social economy sector in Dublin was the weak provision of social finance, and a lack of clarity in relation to regulations governing social finance provision and the financial implications of establishing community enterprises.

In 2002, the DEP Local Enterprise and Social Economy Working Group mobilised a partnership, consisting of Clann Credo, the Westmeath Employment Pact and ADM, to examine current Social Finance provision in Ireland and to develop recommendations for its future development. Their efforts led to the first ever Irish report on the topic which was entitled Social Finance in Ireland: What it is and where it’s going, with recommendations for its future development. The Taoiseach, Mr. Bertie Ahern, T.D. launched this report in September 2003.

Arising from this, leading experts from the financial sector, the local development sector and the social partners teased out the implications of this report. The outcome was the publication of a second report entitled In The Common Interest – The Case for Social Finance in Ireland which sets out clearly precise and practical recommendations to Government as to how it could act to further promote the development of the social finance sector in Ireland. This second report was launched by Mr. Brian Cowen, T.D., Minister for Finance in November 2004.

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