Oireachtas Joint and Select Committees

Thursday, 3 March 2022

Public Accounts Committee

2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020

9:30 am

Photo of Verona MurphyVerona Murphy (Wexford, Independent) | Oireachtas source

In rural Ireland the reality is that, with Irish Water and the problems we have, sometimes our water schemes do not allow as much as five houses in many areas now. That is my experience from having sat at local authority meetings. We have huge issues in that regard. The bulk of HBFI funding seems to be for Dublin and the delivery seems to be in Dublin. I appreciate there are developments in 18 counties. One question I did not get an answer to earlier, whether I framed it incorrectly or not I do not know, is that fundamental to how this scheme is successful has to be construction cost and the viability after construction cost. Ms Deering gave me a figure of €319,000, which really does not mean anything. If a one-bed apartment is being built in Dublin and one is being constructed in Wexford, for a start the one in Wexford will not be very saleable. That is why one-bed apartments are not being built there. Nobody wants one-bed apartments in Wexford. I asked Ms Deering for a construction figure. If a developer in Wexford is prepared to build a development of five to ten houses, does HBFI ascertain the construction cost of that development before giving the loan?

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