Tuesday, 12 March 2019

Ceisteanna (125, 127)

Michael McGrath

Ceist:

125. Deputy Michael McGrath asked the Minister for Public Expenditure and Reform the level of consultation the Minister for Housing, Planning and Local Government has with him about extra funding for the Rebuilding Ireland home loan scheme; if a formal request for extra funding has been made; the extra amount being sought; the areas that funds will come from if it is granted; and if he will make a statement on the matter. [11789/19]

Amharc ar fhreagra

Jan O'Sullivan

Ceist:

127. Deputy Jan O'Sullivan asked the Minister for Public Expenditure and Reform if he has given indications, guidance or directive regarding the Rebuilding Ireland home loan scheme in recent weeks; if funding has been made available to ensure that those who qualify for the loan will not have undue delays in approval due to funding issues; if changes in the scheme including the interest rate are being considered; and if he will make a statement on the matter. [12332/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Public)

I propose to take Questions Nos. 125 and 127 together.

The Rebuilding Ireland Home Loan launched on 1 February 2018. Prior to its launch, an initial tranche of €200 million of long-term fixed-rate finance was borrowed by the Housing Finance Agency to provide funds for the scheme to local authorities.

When the Rebuilding Ireland Home Loan was initially being developed it was estimated that the drawdown of loans under the scheme would be approximately €200 million over three years. From the data collated on the scheme to date, it is clear that there has been a greater demand for the RIHL than initially anticipated, as a result of which, the scheme would require a further tranche of funds to be borrowed by the HFA if it is to continue. The Department of Housing, Planning and Local Government has requested sanction for additional funding of €200m annually for 2019 to 2021.

I understand the Department of Housing, Planning and Local Government are presently carrying out an internal review of the scheme. Further details on the review can be obtained from my colleague, the Minister for Housing, Planning and Local Government.

In conjunction with this review, the Departments of Finance and Public Expenditure and Reform are in discussions with the Department of Housing, Planning and Local Government with regard to the scheme. Upon conclusion of the review and subsequent discussions the Minister for Housing will be in a position to make a statement on the scheme.