Catherine Murphy (Kildare North, Social Democrats) | Oireachtas source

We had understood that HBFI's role was to provide funding where it was not available to builders around the country who could not carry the risk of not being funded when buying land and obtaining planning permission. My understanding of HBFI's role was that it was to add to the market, be it through sales to local authorities directly or purchases by owner-occupiers. I understood the aim was to release a flotilla of builders around the country who would add to the housing stock. We are seeing a very different scenario. In many ways, people feel the build-to-let sector is distorting the market in that the properties are not released for purchase. Therefore, since the supply side is so constrained, people have no option but to rent even if they do not want to do so. Many people want to rent but affordability is a big issue for them.

Does Ms Deering not accept that the momentum fund has, to a degree, distorted the market by targeting available money at an area in which HBFI's original purpose, which was to extend available funding to entities that could not get funding from traditional sources, was not being realised?