Cian O'Callaghan (Dublin Bay North, Social Democrats) | Oireachtas source

I thank Mr. Quinlan and his team for all the work they have done on this Bill. I will read some quotes from officials in the Department of Public Expenditure and Reform regarding their thoughts on this shared equity loan part of the Bill. One official stated that the:

... key point is that this is a demand led scheme. [The Department of Finance] and [the Department of Housing, Local Government and Heritage] have spoken to banks and developers who apparently suggest that it will unlock supply. We think it will push up prices in a supply constrained environment, most likely at a time when prices are starting to rise anyway.

Another senior official wrote that:

Apart from the concerns we already voiced ... around the appropriateness of the shared equity scheme, which appears to us a demand side measure which is unnecessary in a market like ours which is chronically undersupplied, it does not appear that the policy proposal has been sufficiently analysed.

She went on to say that, "An effective affordable housing policy would deliver the right types of units in the right location at an appropriately affordable price". In addition, another senior official stated that, "The property industry want[s] an equity scheme because it will increase prices”.

In that context, where is the analysis for this scheme and can we see whatever analysis that has been done by the Department? This is important, because serious questions have been raised about this scheme. Can we see the analysis that the Department has done which justifies the equity loan part of this Bill?