Mr. Shane O'Sullivan:

It is disappointing that is the case. We have not to date completed a mortgage to rent solution, and there are many that we would like to complete. Our perspective is that the system needs an overhaul to enable mortgage to rent to become a solution at scale. The problems are many and I could cluster them into a number of categories. The process is fraught. There are a great number of parties involved, from the borrower to the lender to the housing association to the housing bodies to the local authorities. It is a cumbersome process that clearly needs streamlining. The criteria at this stage is a little out of date. It made sense at a point in time but, for instance, properties that are over the value of €220,000 in Dublin at present are excluded.

There are issues regarding income thresholds. There is a fundamental problem with valuations which needs to be rectified. I am happy to state the banks are working in a collegiate way with the Irish Banking Federation and have proposed meetings in recent times with the housing authority to see what we can do together. The funding and resourcing of the scheme needs to be examined also. From our perspective we consider we have 100 or 150 customers who would well fit this proposition and we hope in time we can provide this solution for them.