Page 20 of the programme for Government refers to housing affordability. Ireland has the highest mortgage rate for first-time buyers in the eurozone. Our average rate is 3.15% as opposed to the eurozone average of 1.77%. This is a particularly frustrating and ludicrous interest rate because it means Irish people pay €157 more than the average European mortgage payer. That can equate to €60,000 over the life of a 30 year mortgage. Under the influence of Fianna Fáil, an affordable housing scheme was announced in the budget. I want this to be teased out further and I ask the Minister whether it would make more sense to provide a benefit through tax relief to keep the interest rate near the average eurozone level rather than to see the money end up in the pockets of builders, which is a concern.

I announced during the budget last week that we were carrying out an assessment of the current Rebuilding Ireland home loan to see how it is working for people nationally. This loan has a fixed rate of interest over its lifetime of between 2% and 2.25%, which does not exist among the banks. It is an innovative product. I am aware, however, of inconsistency in its application throughout the country. We are also considering whether it can be applied to things it was previously not permitted to apply it to, including vacant buildings in town centres. That work is taking place and it will help to provide affordable mortgages and loans for people throughout the country.

The second thing we are doing is with the serviced sites fund. In the budget, we agreed to invest more money in an affordable scheme which I implemented and commenced earlier this year to get more affordable homes from the scheme to be sold at a price that is 40% below the market price. Those are the two main affordability measures which came forward in last week's budget.