Friday, 6 September 2019

Questions (1996)

Frank O'Rourke


1996. Deputy Frank O'Rourke asked the Minister for Housing, Planning and Local Government the amount of new funding for the Rebuilding Ireland home loan scheme that will be made available to Kildare County Council; if the additional funding will be sufficient for both the drawdown of loans on approvals already issued (details supplied) and for the projected loan demand for the remainder of 2019; when Kildare County Council will receive the new funding; and if he will make a statement on the matter. [36470/19]

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Written answers (Question to Housing)

When the Rebuilding Ireland Home Loan (RIHL) scheme was initially being developed, it was estimated that the drawdown of loans would be approximately €200 million over three years. However, the RIHL proved to be more successful than initially anticipated. My officials began engaging with the Department of Public Expenditure and Reform in October 2018 when higher lending and drawdown volumes were beginning to materialise. I informed the Dáil on 29 January 2019 of the scheme’s success and of the need for additional funding and indicated that my Department was in discussions with the Department of Public Expenditure and Reform and the Department of Finance with regard to the allocation for 2019.

Following positive engagement with my colleague, the Minister for Public Expenditure and Reform, my Department wrote to all 31 local authorities on 15 August 2019 sanctioning an additional €363 million in funding for the RIHL. This brings total funding for the RIHL to €563 million for 2018 and 2019 combined.

Kildare County Council’s total RIHL allocation, for the period 1 February 2018 to 31 December 2019, has been increased to some €20.9 million. This overall allocation incorporates loans already issued since the inception of the scheme, loans which will be drawn down on foot of approvals already issued and projected loan demand for the rest of 2019.