Michael Finneran (Roscommon-South Leitrim, Fianna Fail)

The Deputy has asked a number of questions. I agree the credit crunch was the reason I introduced the home choice scheme because the banks were not lending and the information was that people were finding it difficult to meet the 20% deposit which banks and financial institutions were seeking. With regard to two refusals, this is not a new practice. It is well known to those Members who have served on local authorities that this stipulation applies to all local authority loans since 1987. Therefore, the home choice loan stipulation is no different from any other local authority loan.

The number of prospective purchasers who applied is 1,400. Four people have been approved, three people have turned down the loans and further information is being sought from 21 applicants.

With regard to the affordable homes being put on the open market, I made a number of changes to the scheme in recent times, as the Deputy may be aware. It now applies to second-hand homes but I have not extended it to include affordable homes.

See this speech in context