Oireachtas Joint and Select Committees

Thursday, 8 March 2018

Public Accounts Committee

Vote 34: Housing, Planning, Community and Local Government

9:00 am

Photo of Peter BurkePeter Burke (Longford-Westmeath, Fine Gael) | Oireachtas source

Let us say a mortgage is worth €130,000 but the market value of the house is just €65,000 so €65,000 of debt must be crystallised. There is a fund called the mortgage arrears resolution process or MARP. A premium is put on the interest rate of local authority mortgages to finance such crystallisation through the Housing Finance Agency, HFA. What is the premium on the interest rates started when the mortgage-to-rent scheme started? How much money remains in the MARP fund?

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