Eoghan Murphy (Dublin Bay South, Fine Gael)
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The Rebuilding Ireland home loan scheme has a tranche of €200 million over three years. At the end of the first year, €107 million - roughly half the total amount - had been drawn down. If it is to proceed on that basis, we would do in two years what we had hoped to do in three. We would reach the end of the scheme a year early. The reason I have entered into discussions with the Department of Public Expenditure and Reform is that given the number of approvals and what we think will be drawn down from the approvals already given, we could be at a point six months hence whereby we are almost at the ceiling in terms of the €200 million tranche. Those discussions are ongoing.

Duplication is allowed because it depends on the local authority to which one is applying. We keep dynamic control on this. We can look at a local authority and see the duplicates, depending on what gets approved and what gets drawn down. We can also see if there are areas that might be approving many but they are not being drawn down. That has allowed us over the course of 2018 to say, "You can approve more in this area because these guys are approving so many, but they are not being drawn down. You have more flexibility on draw down". It is managed in a very dynamic way and that is what gives us the ability to see that it has been more successful than anticipated. Some 50% of the fund has been drawn down but we have approved enough that we can reach 100% in the next six months, so now we are engaging with the Minister for Public Expenditure and Reform to discuss funding being made available. That is what is happening at present.