Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

I thank Dr. Norris, Mr. Nugent, Mr. O'Leary and Mr. Conroy for coming before the committee. There is broad respect for the work of the Housing Finance Agency. While it may be viewed as a financing agency, it does and has created a great deal of value in the social fabric in Ireland. I think housing is an issue of historical importance. Home ownership is very important to Irish people. The HFA facilitates home ownership for people who in other circumstances may not be able to own their homes. That is to be commended.

I welcome the indication, if not a clarified response to how the HFA views the reserves it has on account. I would appreciate if the committee could be kept informed as to the consideration it is giving to this area. If proposals are being brought forward either in conjunction with the local authorities or the Department of the Environment, Community and Local Government with regard to identifying the reserves that it has in hand to deal with people who are in debt to the local authorities or particularly in regard to the shared ownership programme, the committee would be interested in learning of the ideas that will be brought forward. The reserves could grow by €20 million, which is nearly a third of the HFA's reserves at present. For those in mortgage debt, especially those with social housing mortgages, whether it is under the tenant purchase, affordable housing or shared ownership schemes, the shared ownership category has particular difficulties that must be tackled. If a solution is to be found for this one category, could the reserves be used as a means of tackling that problem? The committee would be delighted to hear what the HFA is working on and would be delighted to assist it in terms of asking a Minister to come before the committee to discuss the ideas.

I thank the delegation for its attendance.