The Rebuilding Ireland Home Loan launched on 1 February 2018. Prior to its launch, an initial tranche of €200 million of long-term fixed-rate finance was borrowed by the Housing Finance Agency to provide funds for the scheme to local authorities.
When the Rebuilding Ireland Home Loan was initially being developed it was estimated that the drawdown of loans under the scheme would be approximately €200 million over three years. From the data collated on the scheme to date, it is clear that there has been a greater demand for the RIHL than initially anticipated, as a result of which, the scheme would require a further tranche of funds to be borrowed by the HFA if it is to continue. The Department of Housing, Planning and Local Government has requested sanction for additional funding for the scheme.
Further to that request, the Department of Housing, Planning and Local Government are concluding an internal review of the scheme. Further details on the review can be obtained from my colleague, the Minister for Housing, Planning and Local Government. In conjunction with this review, the Departments of Finance and Public Expenditure and Reform are also nearing a conclusion in their discussions with both the Central Bank of Ireland and the Department of Housing, Planning and Local Government with regard to the future of the scheme. Once this has been completed, the Minister for Housing will be in a position to make a statement on the scheme.