Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

That is why I announced the affordable purchase scheme on the same day. Every measure we have taken to date regarding affordability have been direct supply-side measures such as LIHAF infrastructure funding, the fast-track process of An Bord Pleanála, the new finance body, Home Building Finance Ireland, which will come on line this year or changes in apartment standards and they all aim to reduce costs to increase supply.

The Rebuilding Ireland home loan is not a direct supply-side measure nor is it a direct demand-side measure. Might it have some impact on both sides of the ledger? Perhaps but again, because it is one fifth of 1% of the mortgage market in Ireland, that is probably unlikely. At the moment the house prices are capped. Also, for every one person who potentially will avail of the Rebuilding Ireland home loan we intend, at a minimum, to bring on three new affordable build houses using land and money from the State. That is the affordable purchase scheme that I announced on the same day as well. We are increasing supply under our other schemes. It is important that we do not look at any one measure under Rebuilding Ireland or under the affordable purchase scheme in isolation.