Barclays Commercial Banking has funded one of the biggest, large scale voluntary transfers in Wales to create Monmouthshire Housing Association Ltd.

The £45m funding package will incorporate the transfer of more than 3,600 properties from council ownership to the newly incorporated company.

The newly-formed housing association, one of more than 30 across Wales, is accountable to the Welsh Assembly Government and has the capacity to raise debt funding from commercial organisations, differentiating them from their council counterparts.

John Keegan, chief executive of Monmouthshire Housing Association Ltd said: "The Welsh Assembly is determined to improve housing standards across Wales and views housing associations as a key component.

"By being able to raise capital and debt funding against the property portfolio we are able to quickly implement a series of maintenance and investment strategies.

"The objective is to improve all properties to the Welsh Housing Quality Standard as quickly and efficiently as possible. By improving the standards of housing it logically follows that standards of health and prosperity will also improve."

Andy Jones, Barclays commercial banking relationship director, said: "Barclays is committed to using our industry expertise and specialists to support such propositions, which are vital to a prosperous economy.

"By really understanding the business, Barclays has been able to provide innovative solutions to support Monmouthshire Housing Association Ltd both financially and professionally. As one of a small group of social housing specialists based in Wales I am looking forward to a very busy 2008 as other large scale voluntary transfer go out to tender."

John Keegan said: "Our aim is to improve the standards of housing across our entire portfolio working in conjunction with the local communities to establish what matters to them.

"We have also received funding from Barclays community investment fund to create a financial education project for our tenants which supports our philosophy of addressing not only the standards of housing but also the various social issues which have an impact on our tenants."