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

An injection of €10 million into the housing market since Christmas could not possibly have driven up prices. The price rises are due to other factors, principally the lack of supply in the market, the availability of money now that mortgage houses are writing mortgages and the changes in the Central Bank's prudential rules allowing people to borrow more. The committee will recall that, when we were implementing the help-to-buy scheme through the Finance Bill, it was backdated to July. As the Minister for Housing, Planning, Community and Local Government announced that intention in July, we had a legal obligation to anyone who bought in expectation of getting the scheme. The budget included €10 million for the promises that were entered into for 2016 and €40 million after that. After three months, the total drawdown is €10 million. I am not saying that house prices have not increased.