I wish to mention the housing issue briefly. The announcement this week by the Minister for the Environment, Community and Local Government on a new housing strategy was touched on. The same strategy was announced, with less money, on 14 October. I have read the Minister's announcement and whatever way it is viewed, there appears to be very little new in the report. The Minister speaks about the provision of 75,000 places through a new scheme which will be administered by local authorities. This is to replace the rent supplement scheme and the rental accommodation scheme, RAS. At the end of 2013, there were 79,000 places under the RAS and the rent supplement scheme combined. I am not sure what the benefit is. On the other side, he speaks about the capital provision for housing, which I very much welcome. However, when one looks closely at what the Minister is talking about, one can see he is proposing the building of 22,500 houses or leasing of a further 11,000 houses. Also, councillors will be provided with money to allocate the 2,300 currently vacant properties owned by local authorities. We have to welcome the strategy. However, we must examine the detail. I ask the Leader to facilitate a debate with the Minister for the Environment, Community and Local Government on the provision of social housing.

Coupled with this is the issue raised by Senator Marc MacSharry pertaining to the Central Bank's new mortgage proposals. I give a guarded welcome to the Central Bank's proposals. The bank situation is leaving many young couples in Dublin unable to rent or buy a house. Years ago - before my generation were buying houses - people had to save up before they got a loan. The banks are pushing the agenda through rent-seeking behaviour and their attempts to get policy makers such as ourselves to lobby for a reduction in the 20% threshold as sponsored by the Central Bank. That is a dangerous road to go down. Interest rates at a European level could rise. The Central Bank did nothing prior to the bust in 2008. We were very critical of it for not having relevant information. It is now trying to do something. It should be acknowledged for what it is trying to do.

I, too, wish to speak on the social housing strategy for 2020 and ask that the Minister be invited to the House. The strategy outlines a €1.5 billion guaranteed, up-front Exchequer investment in social housing from 2015 to 2017. There will be a further €300 million for housing projects by public private partnerships. The sum of €400 million will be made available through a new housing finance entity. I welcome the strategy, but there are pinch points. Take, for instance, a voluntary housing agency looking for a developer to build ten houses. The cost of a three-bedroom semi-detached house would be on average €160,000. The housing agency pays four fifths of the market price. This would be €138,000. It will cost the builder €145,000 to build the house. The opportunity for buying and selling is limited. An average leasing price is €800 per month. This would be a high price in some areas but is low in Dublin. In some areas, people are paying €500 per month for a three-bedroom house. Working with the figure of €800, a housing agency will pay four fifths of that, €640. The developer will have a yield of 2% from this. Bank costs are 4.7%.

Realistically, it will be difficult under the current model. There are other pinch points such as the fact that local authorities have land that was bought for millions of euro.