Dáil Éireann Debate, Thursday - 16 May 2019
50. Deputy Michael McGrath asked the Minister for Finance his views on expanding the Rebuilding Ireland home loan scheme; the extra amount he is prepared to authorise; if the funding borrowed to fund the scheme is included in the national debt calculation; and if he will make a statement on the matter. [21333/19]
View answerThe Rebuilding Ireland Home Loan was launched on 1 February 2018. Prior to its launch, a tranche of €200 million of long-term fixed-rate finance was borrowed by the Housing Finance Agency (HFA) to provide funds for the scheme to local authorities.
The amount of €200 million initially provided for the Rebuilding Ireland Home Loan (RIHL) was based on the Department of Housing, Planning and Local Government’s estimates of expected drawdown of loans under the scheme over a three year period. From the data collected on the scheme to date, it is clear a further tranche of funds would need to be borrowed by the HFA for the scheme to continue to operate as there has been a greater than anticipated demand for the RIHL. As the HFA is on the state’s balance sheet any borrowings it makes are part of General Government Debt.
I understand the Department of Housing, Planning and Local Government is presently carrying out an internal review and the future of the scheme is being discussed by that Department with the Departments of Finance and Public Expenditure and Reform. Upon conclusion of the review a decision will be made on the future of the RIHL and the relevant Ministers will be in a position to make a statement on the scheme.
