Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I wish to go back in this discussion because the Minister did not answer any of the questions I had in this regard, perhaps understandably because the independent evidence, including reservations from the Minister's own Department, is stark. It does not matter how many times people say that the scheme works perfectly and that we should not interfere with the market - the fact is that we interfere with the market by providing additional credit at a time when the issue is supply.

I asked the Minister a question. What are the metrics he will use to continue to extend this scheme now? His Department commissioned an independent report, and Mazars asked him when it reported in 2022 to extend the scheme until 2024, signal that it was coming to an end and develop a new proposal, which, Mazars argues, would not be a Department of Finance-led proposal, that will support first-time buyers but recognise that this initiative has a significant deadweight. Since Mazars reported in 2022, the level of deadweight has only increased. When it reported in 2022, its report said there were 5,049 applicants who had a loan-to-value ratio of between 70% and 75%. Today that number is 7,499. It has increased by nearly 50% in one and a half years. Let us spell this out. They are people who can avail of a tax relief worth up to €30,000 and who have a loan-to-value ratio of as low as 70% and no higher than 75%. They have, therefore, at a very minimum, a deposit of 25% to purchase a house, and the taxpayer gives them €30,000 in order that they can contribute to this thing that pushes up house prices for everybody. Mazars asked the Minister and his Department very clearly, at the very least, and immediately, to increase the loan-to-value ratio from 70% to 80%. Why would we continue to provide support in the form of this generous tax relief to people who have the deposit - and more - to purchase a home?

The Minister might answer those two questions first.