Dáil Éireann Debate, Tuesday - 23 May 2017
295. Deputy Thomas P. Broughan asked the Minister for Housing, Planning, Community and Local Government his plans to enact the relevant section of the Residential Tenancies (Amendment) Act 2015 to begin the tenancy deposit retention scheme; and if he will make a statement on the matter. [24440/17]
View answerThe Residential Tenancies (Amendment) Act 2015 provides for, among other things, the establishment of a tenancy deposit protection scheme to be operated by the Residential Tenancies Board.
Indecon Consultants were originally appointed to carry out the research on the development of a deposit retention scheme and they reported in November 2012. The provisions in the 2015 Act were developed subsequently, informed by their analysis. However, much has changed in the rental market since the scheme was first envisaged. The scheme was originally intended to be financed by the interest payable on deposits lodged; this is no longer viable given the current financial market conditions. Furthermore, disputes relating to deposits are no longer the most common dispute type referred to the RTB.
While the Government is fully committed to the principle of ensuring effective protection of deposits, it is now proposed that the current legislative provisions be reviewed to take account of the changed circumstances and determine what improvements should be made to ensure that the scheme, when introduced, can operate effectively.
The review of the scheme will take place this year, with any necessary legislative changes to be included in the General Scheme of a new simplified and consolidated Residential Tenancies Bill, as provided for under the Strategy for the Rental Sector.
