Dáil Éireann Debate, Tuesday - 5 November 2013
698. Deputy Brendan Ryan asked the Minister for the Environment, Community and Local Government the position regarding owners of buy-to-let apartments in Priory Hall; if they will be included in any deal on their mortgage in the near future; and if he will make a statement on the matter. [46720/13]
View answerAny arrangements that may be agreed between an individual who owns a buy-to-let apartment at the Priory Hall complex and their mortgage provider is a matter between those parties. I have no function in relation to such matters other than to ensure that the terms of the agreed Priory Hall Resolution Framework, insofar as they apply to owners of buy-to-let apartments, are applied in a fair and consistent manner.
In broad terms, the Framework, as agreed between key stakeholders in October, 2013, provides that:
- the Government, Dublin City Council, the relevant members of the Irish Banking Federation and other stakeholders will work together to secure the successful resolution of the Priory Hall issue
- recognising the exceptional and unique difficulties faced by the home owners in Priory Hall over the last two years, a fair and reasonable solution to their housing needs will be identified as part of the resolution process
- solutions will be devised on a case-by-case basis in accordance with the Framework, taking account of the differing circumstances of each owner occupier in Priory Hall
- an appropriate arrangement will also be put place to recognise the difficulties facing owners of buy-to-let properties in Priory Hall
- the cost burden for resolution of the Priory Hall issue will be shared between the State, Dublin City Council, relevant members of the Irish Banking Federation and other stakeholders as appropriate.
As part of the Framework, Dublin City Council has undertaken to ensure that Priory Hall is refurbished into a desirable, high quality, safe location that will include a mix of social and private residential units in line with current housing policy. During this time the owners of buy-to-let apartments at the complex will have the option of a moratorium on their mortgages while refurbishment takes place on the understanding that repayments will re-commence when refurbishment has been completed.
The Government has established a group, chaired by Dr Martin McAleese, to oversee the effective implementation of all aspects of the agreed Framework. The implementation group includes a representative of buy-to-let owners with a view to ensuring that this category of homeowners at Priory Hall is fully engaged and fairly treated.
