Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

My note says that the Housing Agency will work with a number of financial entities that have come forward with an interest in working the mortgage-to-rent scheme to progress a number of pilot alternative leasing arrangements. The objective is to explore what is available within the current market and to determine if this alternative model will benefit a greater number of households.

At the minute the local authority is empowered to purchase a house that has an impaired mortgage and rent it back to the owners so that they become local authority tenants. What if the same model could be applied to private funds? One must do the sum obviously. The issue would be whether the income flow generated from rental income was sufficient to service the loan. It is a good idea that is being explored actively but not in the Department of Finance. My officials have had a conversation with the officials of the Minister for Housing, Planning, Community and Local Government and the matter is being explored.