I propose to take Questions Nos. 185 to 187, inclusive, together.
As the Deputy is aware the development of the Affordable Purchase Shared Equity Scheme is a policy initiative which falls under the remit of the Department of Housing, Local Government and Heritage following the allocation of funding as part of Budget 2021. A range of commercial and operational matters pertaining to the scheme are currently being examined by the Department of Housing but have not yet been finalised and therefore it would be premature to comment on such matters.
I have also received the following reply from the Central Bank in relation to the scheme:
“The Central Bank of Ireland is aware of plans by the Department of Housing, Local Government and Heritage to introduce an Affordable Housing Shared Equity Scheme. Any queries in respect of the Scheme should be referred to the Department. Upon finalisation of the scheme design, the Central Bank will consider the interaction between the scheme and the mortgage measures as well as the proposed operation of the scheme from the perspective of our consumer protection mandate.
The mortgage measures were introduced with the aim of strengthening the resilience of both borrowers and the banking sector. The Central Bank is committed to annually reviewing the calibration of the mortgage measures in the context of wider housing and mortgage market developments, to ensure that they continue to meet their objectives of:
- Increasing the resilience of banks and borrowers to negative economic and financial shocks; and
- Dampening the pro-cyclicality of credit and house prices so a damaging credit-house price spiral does not emerge.”
In relation to PQ 11149 I refer you to the response from the Department of Housing, Local Government and Heritage who also received this question from the Deputy.