Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Given that there is no mortgage that could be taken out at a loan-to-value ratio of 78% that would have difficulty meeting the Central Bank rules, was it not a bit of an eye-opener to the Minister that the very rationale behind this section was such that, given the difficulty of accumulating the deposit, he was barking up the wrong tree on this one? The Governor of the Central Bank rightly pointed out to the Minister that the average mortgage drawdown in this State was below the 80%, which means it was possible to have a deposit in excess of what the Central Bank required in terms of averages, and that the Minister was effectively requiring one to borrow more to reach the figure of 80% in order to qualify for the €20,000 tax rebate.