Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Was the Rebuilding Ireland home loan scheme raised? Professor Lane will be familiar with the background and the fact that the scheme was in the news recently because the money has essentially dried up. Just under 600 loans have been drawn down under the scheme and approximately 1,000 further mortgages have been approved. The initial tranche of money was €200 million. That has now been accounted for and the Department of Housing, Planning and Local Government is requesting sanction for an additional €600 million. It will be €200 million for this year and the same sum for each of the next two years. I understand the Central Bank is being consulted from the perspective of financial stability and macro-prudential rules. What is the Central Bank's position on the possible expansion of that scheme? To the surprise of some it has been popular, but it is not a surprise to me that there would be great demand for the scheme.