I propose to take Questions Nos. 30 and 1160 together.
When the Rebuilding Ireland home loan scheme was initially being developed, it was estimated that the drawdown of loans would be approximately €200 million over three years. This loan product, however, has proved to be more successful than initially anticipated. In the context of the scheme’s success, my Department engaged with the Department of Public Expenditure and Reform and the Department of Finance about the allocation for 2019.
I engaged early, as I said I would. While discussions commenced in October 2018 on additional funding, the first tranche of €200 million was only fully drawn down in August of this year. My Department wrote to all 31 local authorities on 15 August this year sanctioning an additional €363 million in funding for the Rebuilding Ireland home loan. This brings total funding for the loan scheme to more than €563 million for 2018 and 2019 combined.
Kildare County Council’s total allocation for the period 1 February 2018 to 31 December 2019 has been increased to €20.9 million. The allocation for Meath has been increased to €35.8 million for the same period. These overall allocations incorporate loans already issued since the inception of the scheme, loans that will be drawn down on foot of approvals already issued, and projected loan demand for the rest of 2019.