Matt Carthy (Cavan-Monaghan, Sinn Fein) | Oireachtas source

I would like to make a proposal. It may not necessarily be a matter for this committee to deal with. The proposal relates to Home Building Finance Ireland. Under its establishing legislation, that body is accountable to the Committee of Public Accounts. It has been reported that, since 2018, Home Building Finance Ireland has provided €264 million in funding to developers for developments that were already subject to forward purchase agreements with investment funds.

Of the €300 million momentum fund established last May, €190 million or 63% of the fund has been given to developers for units known to be subject to forward purchase agreements with investment funds. It is a matter of grave public concerns that taxpayers’ money is being given to developers for homes that are known to be sold to these investment funds and then rented out for extortionate rates without a single cent of tax being paid on the rental profits. Under the legislation, Home Building Finance Ireland, HBFI, is accountable to the Committee of Public Accounts but I am aware the expertise probably lies within the finance committee. I propose we write to that committee to ask whether it intends to follow this matter. If it does not, it is appropriate that we would consider Home Building Finance Ireland on our work programme.