Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I welcome the fact that the NTMA is looking at the option of new funding models. That work is badly needed. We are all well aware of the mistakes made in the banking system overextending itself to the construction industry up to 2007 or 2008 and nobody is advocating a repeat of that history. However, we now have the opposite problem that access to finance is a huge issue. If we are going to bring private housing supply to the level we need it to be at, we must tackle this issue. I welcome the suppressing of the interest rate under the Activate Capital fund albeit it is still high. However, that is only part of the overall funding mix for any particular development.

3 o’clock

We need a new and more ambitious model. People looking in on us will point out that the State can avail of historically low interest rates on its borrowings. Given the fact this is the most important issue facing us, more can be done. I would support any initiative that helps to provide credit for viable and credit-worthy projects.

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