Thursday, 12 December 2019

Questions (366)

Pat Deering

Question:

366. Deputy Pat Deering asked the Minister for Housing, Planning and Local Government the cost in 2018 and to date in 2019 as a result of the Housing Finance Agency drawdown of long-term debt to fund the Rebuilding Ireland home loan scheme; and the expected future cost. [52490/19]

View answer

Written answers (Question to Housing)

The Housing Finance Agency (HFA) raises long-term fixed rate finance, as needed, for on-lending by local authorities for Rebuilding Ireland Home Loans (RIHL). The HFA advanced €62m and €178m in RIHL to local authorities in 2018 and 2019, respectively.

Borrowing costs relating to the financing of the RIHL scheme by the HFA are included in the lending rate to local authorities (1.50% for 25-year fixed), which includes an administrative margin of circa 0.10-0.15%. Any future RIHL business is likely to be lent on the same basis.