Victor Boyhan (Independent) | Oireachtas source

I welcome Mr. Quinlan and his team. It is great to see them back before the committee. I wish to focus on the affordable house purchasing scheme. I will to refer to an article I read recently in the Business Post. It raised a number of questions in which I have a particular interest and I will tee up my questions around the article.

The main points relate to the potential breach of the Central Bank mortgage rules, the potential to drive up house prices, and the potential to increase personal debt. They were the three issues discussed in the article. I will tee them up as four or five questions. What assurances have been given or sought from the Central Bank that it will approve the scheme? If not, why not? What evidence or data does the Department have to ensure that the scheme will not increase property prices, given that we know it will do nothing to increase the supply of houses? Will the witnesses outline for us precisely what the buyer's responsibility is in relation to the State's equity share? That is an important issue that has been raised. How will councils be funded for their affordable purchases? That is also an important issue. What risk will councils carry?

I want to touch on recent statements in the media which refer to a costs-based model but then refer to it as a scheme, which will offer rents at 25% below the discount. Either it is a costs-based model or one which is based on reduced market prices. Those are a few questions I would like the Department to address.

I have two comments also. The scheme involves the buyer paying the State's equity stake in due course and it could be argued that he or she is not really getting an affordable home but will carry a burden of debt that may be more than he or she can manage, and that is something that has to be addressed.

It would be also good to know what data and model the Department has studied on a similar scheme, design or type of project. Apparently, in the UK, there was some success but it drove up the cost of property. I would like to hear the Department's views on that. I heard that the Minister suggested that this was not the case but let us hear the evidence around that.

Those are my few points. I would like to give my time to hear the answers rather than to me to keep talking on.