On the new mortgage-to-rent scheme that has been promised, some years ago the Government introduced a mortgage-to-rent scheme in respect of which the Government bowed to pressure and gave the banks a veto such that a bank could go after a customer for the negative equity even when that person gave up the title to his or her property. A new scheme is now being introduced. The old scheme was a failure, with only a few hundred people out of tens of thousands, or possibly 1% of intended recipients, benefiting from it. We are now moving to a new scheme and the banks have given a commitment that they will not follow people for the negative equity, although there is probably less negative equity in the market in view of rising house prices.

Having had a similar scheme for years, the Government is now talking about introducing a very limited pilot scheme. Private investors and approved housing bodies want to get involved in the scheme, funding is available and the banks are willing to co-operate. What is stopping the Government from allowing the scheme this progress to full implementation? The proposed pilot scheme will run for the rest of the year and it is possible that only a couple of dozen people will benefit during 2018, following which there is a commitment to review the pilot scheme. The scheme will not be fully implemented for years to come.

I am unclear on the scheme to which Deputy Fleming refers. Is it the Rebuilding Ireland home loan scheme, the repair-and-leasing scheme or the enhanced leasing scheme?

The mortgage-to-rent scheme.

I beg the Deputy's pardon. We have put out an expression of interest for a new mortgage-to-rent scheme, as referenced by the Deputy, and are currently working on it. Under the previous mortgage-to-rent scheme, we moved to a position with one of the approved housing bodies whereby it would take bundles of loans from the banks and debt would be written off. Under the expression of interest for the new scheme, we will have far more take-up than previously was the case. A review was carried out to identify problems with the former scheme although it is working effectively with one housing body that launched its proposals in the past year. Improvements can be made and that now is being done with the new scheme. The responses to expressions of interest should be back to me within a couple of weeks.