Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The main criticism that could be made is that a young couple or person who is starting out and trying to take out a first mortgage to buy a home might pay €300,000, particularly in the Dublin area. At a time when that person is renting in the private market where rents are rising substantially, it is exceptionally difficult to have to save up for a deposit, let alone a 20% one of €60,000. The risk is that the proposal will deny a generation of young people the opportunity of ever owning their own homes. Socially, it is potentially divisive. Some people who come from wealthier backgrounds and have parents who can help them out with deposits will be able to get around the rules. Other people, for example, those from lower socio-economic backgrounds, who do not have that option will have to save as hard as they can, but 20% will be beyond many of them. How would Professor Honohan respond to that?