Darragh O'Brien (Dublin Fingal, Fianna Fail) | Oireachtas source

I do not want to waste my five minutes on this; I just want to go through some simple maths. According to the Minister's figures, 575 loans totalling €107 million have been drawn down. A further 1,085 loan applications have been approved and those drawdowns have not taken place yet but could take place today or tomorrow. What is the potential liability? Does the Minister have an actual figure for the loan amounts for those 1,085 mortgages that have been approved? Based on the average mortgage granted to date of just about €195,000, potentially that would come to about €217 million. There is €93 million left in the pot. By the way people did not apply to this fund for fun because it has been very onerous and it has been managed differently in different local authorities. If all those loans are drawn down, there would be a shortfall of €124 million based on a €217 million for 1,085 mortgages.

Does the Department also have a handle on all those applications to be processed by local authorities on which no decision has been made? The Minister has said today that the scheme is not frozen. From that I am taking it that he is still asking people to apply to the scheme. Will he give a commitment to those 1,085 applicants to whom loan offers have been issued that they will have no difficulty getting finance through this scheme? Can he give a categorical commitment to those who have made applications and will continue to make applications that they will not have any difficulty? As Deputy Barry alluded to, some local authorities have started to refuse applications as of this morning. This is serious. The Minister needs to get his story correct and provide clarification to the public as to what is happening. How were the Minister and the Department managing the scheme demand? If the Department was a business, it would be insolvent.

I heard some statement from the Department about duplicate mortgage applications, with up to 20% of the 1,085 having also applied in Fingal, Kildare and Dublin city. People did not apply for fun. These are mortgage applications that are quite onerous. I doubt the figure of 20% of duplications is anywhere near correct. The Department needs to give a very clear indication that if all those 1,085 mortgage applicants who have been approved under the scheme draw down their mortgages, that money is guaranteed and the funding will be met in respect of any applicant who meets the criteria.

Can the Minister give those guarantees? It is very important that he does.

I have had numerous emails and telephone calls from people, as I am sure the Department has had. This confusion should not have arisen and the Minister must take responsibility for that. Why is it that an internal memo in the Department, dated 31 January, is effectively saying no more approvals should issue for the scheme. That is what it says very clearly in the memo, which is headed "Rebuilding Ireland home loan" and marked for the press office on 31 January. Is that incorrect? Basically, we are saying that approvals should issue. Why were I and other Deputies not informed of this issue in response to Dáil questions as late as two weeks ago?