The Rebuilding Ireland Home Loan Credit Policy 2018, which has been in operation since 1 February 2018, was issued in accordance with the Housing (Rebuilding Ireland Home Loans) Regulations 2018, which set out the regulatory framework for the operation of the Rebuilding Ireland Home Loan scheme. This document replaces the credit policy that was in place for the local authority lending schemes that were replaced by the new home loan scheme.
The revised credit policy is designed as an internal document to provide written guidance to local authorities for the processing of loan applications and the making of loans under the Regulations. Decisions by local authorities as to whether to advance a loan to an individual are taken on a case-by-case basis within the criteria as set out in the credit policy.
The scheme enables local authorities to act as lenders of last resort to individuals who cannot access a mortgage from a commercial lender in order to purchase a home. As such, the policy is a commercially sensitive document, as would be the case with any other lender. Therefore, it would not be in the public interest to publish it, as this would conflict with the economic interests of the State, and could seriously compromise the ability of local authorities to lend in an effective manner or otherwise impair their functions in this regard.
On this basis, I intend to continue the policy which has been in place in relation to credit policies that governed previous local authority loan schemes, and treat it as confidential.
