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Home Loan Scheme

Dáil Éireann Debate, Thursday - 7 November 2019

Thursday, 7 November 2019

Ceisteanna (219)

Catherine Murphy

Ceist:

219. Deputy Catherine Murphy asked the Minister for Housing, Planning and Local Government the number of applications made to the Rebuilding Ireland home loan scheme in 2018 and to date in 2019, by county and or local authority; the number of applications approved; the amount of funding provided to each local authority in 2018 and to date in 2019; if local authorities have made applications for further funding in respect of the scheme; and if he will make a statement on the matter. [45927/19]

Amharc ar fhreagra

Freagraí scríofa

The Housing Agency provides a central support service which assesses applications for the Rebuilding Ireland Home Loan on behalf of local authorities and makes recommendations to the authorities to approve or refuse applications. Housing Agency recommendations are then considered by the Credit Committee in each local authority, which issues loan approvals.

I have asked the Agency to compile figures on the numbers of applications that it has assessed and recommended to approve. In 2018, the Housing Agency assessed 3,036 valid applications. Of these, it recommended 1,550 for approval. In 2019, the Housing Agency have assessed 2,271 valid applications of which 1,133 have been recommended for approval.

Each local authority must have in place a credit committee and it is a matter for the committee to make the final decision on applications for loans, in accordance with the regulations, and having regard to the recommendations made by the Housing Agency.

Local Authority

Total Applications Assessed 2018

Total Applications Recommended for Approval 2018

Total Applications Assessed 2019

Total Applications Recommended for Approval 2019

Carlow County Council

46

16

27

12

Cavan County Council

17

7

7

2

Clare County Council

50

19

37

17

Cork City Council

105

53

112

43

Cork County Council

241

133

173

76

Donegal County Council

30

18

21

4

Dublin City Council

351

215

259

153

Dún Laoghaire - Rathdown County Council

82

45

60

33

Fingal County Council

437

229

319

195

Galway City Council

64

30

45

28

Galway County Council

108

41

86

22

Kerry County Council

89

40

55

19

Kildare County Council

173

87

27

20

Kilkenny County Council

28

15

33

16

Laois County Council

72

36

53

25

Leitrim County Council

9

2

10

3

Limerick City & County Council

81

46

62

39

Longford County Council

30

15

25

11

Louth County Council

73

31

79

28

Mayo County Council

46

18

36

14

Meath County Council

198

124

126

88

Monaghan County Council

21

6

43

15

Offaly County Council

38

14

20

9

Roscommon County Council

28

13

31

10

Sligo County Council

39

20

33

14

South Dublin County Council

214

112

159

82

Tipperary County Council

80

29

72

38

Waterford City & County Council

43

14

72

25

Westmeath County Council

26

17

30

17

Wexford County Council

85

43

76

37

Wicklow County Council

132

62

83

38

Total

3036

1550

2271

1133

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. However, this loan product 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 with regard to 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 €200m was only fully drawn down in August of this year. My Department wrote to all 31 local authorities on 15 August 2019 sanctioning an additional €363.6 million in funding for the Rebuilding Ireland Home Loan. This brings total funding for the Loan to over €563.6 million for 2018 and 2019 combined.

The overall allocations incorporate loans already issued since the inception of the scheme, loans which will be drawn down on foot of approvals already issued and projected loan demand for the rest of 2019. There are no requests for additional funding in 2019.

Local Authority

Allocation 2018/2019

Carlow County Council

4,984,400

Cavan County Council

1,115,145

Clare County Council

5,934,829

Cork City Council

19,407,600

Cork County Council

34,994,226

Donegal County Council

2,484,325

Dublin City Council

129,714,585

Dún Laoghaire - Rathdown County Council

21,831,621

Fingal County Council

81,585,981

Galway City Council

11,428,445

Galway County Council

7,751,861

Kerry County Council

10,888,855

Kildare County Council

20,909,445

Kilkenny County Council

5,941,020

Laois County Council

9,815,976

Leitrim County Council

1,472,500

Limerick City & County Council

12,444,392

Longford County Council

3,735,517

Louth County Council

18,176,650

Mayo County Council

8,243,095

Meath County Council

35,858,690

Monaghan County Council

4,134,150

Offaly County Council

6,280,590

Roscommon County Council

2,905,751

Sligo County Council

4,464,994

South Dublin County Council

28,066,378

Tipperary County Council

8,771,616

Waterford City & County Council

9,598,025

Westmeath County Council

4,599,500

Wexford County Council

15,922,084

Wicklow County Council

30,180,610

Total

563,642,856

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