Brendan Howlin (Wexford, Labour) | Oireachtas source

I thank the Deputy for his suggestions which I take on board. Borrowing by the Government does not present a difficulty at this time. The Deputy will be aware that for the first time in the history of the State the Government this year issued 30 year bonds at the unprecedented low interest rate of 1.8%. Our treasury bill - three month roll-over money - issued last week had accrued a negative interest rate. In essence, people are paying us to hold on to their money. This is the first time that this has happened in the history of the State. This stems from the confidence of international lenders in the state of the economy.

On the Deputy's specific point about housing, €2.2 billion has been allocated and a bespoke funding mechanism is being created. I have allocated some of the resources derived from the sale of State companies to this mechanism which will be leveraged by other investment to ensure there will be a sufficient pool of money to deal with the housing problem, one of the real structural deficits in a growing economy.

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