Rebuilding Ireland affordable loans
Deputy O’Brien said the affordable loan scheme was underfunded and already oversubscribed, citing confirmation that some councils were no longer issuing loans. The Minister said contact was being made with local authorities to ensure loans continued to be issued in line with the scheme.
As I always do. The Minister may remember that last Tuesday I questioned the Minister, Deputy Eoghan Murphy, on the Rebuilding Ireland affordable loan. Work that Fianna Fáil has done since March of this year has highlighted the fact that this scheme is underfunded and requires additional funding.
In response to me on Tuesday, the Minister, Deputy Eoghan Murphy, basically said local authorities are still issuing loans and allowing loans to be drawn down, but they are not. My colleague, Deputy O'Rourke, has received written confirmation from Kildare County Council that it is not issuing loans. I know that is true for others and that application forms are being returned. It is a really serious situation for thousands of mainly young people and potential first-time buyers who are trying to access this product. Either the Minister, Deputy Eoghan Murphy, is knowingly misleading the House or he just does not know.
I ask the Minister, Deputy Bruton, as a senior member of Cabinet, when the additional allocation will be given to the local authorities and how much that will be. I know some of the Minister's colleagues have proven not to be great at maths in recent months.
Comment on this
The Deputy is not great, himself.
Comment on this
There are €373 million in approved loans and only €200 million in the fund itself, meaning it is oversubscribed - in case the Government needs assistance with this - by €173 million. That is the bare minimum needed to get this scheme back up and running.
Comment on this
My understanding - I presume it was following Deputy O'Brien's questioning - is that the Minister is making contact with local authorities where loans are not being issued. I think the intention is to ensure that all local authorities are issuing loans in accordance with the provision.