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

Yes, the decision is to use the EIB funding with the serviced sites fund for both affordable purchase and cost rental. That is subject to the application to the EIB being successful but we know from communications we have had to date that it is supportive of what we are trying to do. It is familiar with the models we are trying to use because it is has helped us to design them.

Regarding the serviced sites fund, I have been always very clear that we have been talking about an equity share. This would be similar to the scheme that is operated in the UK where the local authority would help take the burden of the loan to be retained by the local authority and it would be repaid over time or on the sale of the house, and that it would be an equity stake.

On the draw down of the Rebuilding Ireland home loan, the level of draw down is not necessarily a measure of the success of a financial product. Many things can happen. People can get approval and not draw down the loan because the sale falls through, they may have been gazumped or their work circumstances may change and, therefore, where they want to live changes. While it is important to understand that draw downs are happening and that, therefore, people are beginning to access this loan, it is not a very good measure of its success. We are potentially going to hit 50% draw down in the first quarter of next year. On the one-year anniversary of opening up this product we could hit 50% draw down of this product which was meant to be in place for three years, which is significant.

It is 50% draw down of the allocation, not of approved applications.