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

I welcome that the Minister has reaffirmed that there will be an impact assessment in ten months' time. I expect it to examine issues such as the impact on house prices, the supply of new homes and the property market generally. If the independent impact assessment finds that this intervention in the market is directly contributing to house price inflation, the Minister will have to end the scheme. We all should be clear that there will be no other option but to discontinue the scheme.

My amendment on the cost of delivering new homes was ruled out of order. I raised this issue on Committee Stage, when the Minister committed to speaking with the Minister for Housing, Planning, Community and Local Government, Deputy Coveney. I am aware of comments that the latter has made in the past week or so to the effect that the Housing Agency is undertaking an audit of the cost of delivering new homes. The Minister, Deputy Noonan, might inform us of whether he had that discussion with his colleague and whether it led to the audit.

I acknowledge and support the sentiments expressed by Deputy Donnelly regarding those who are in negative equity, no longer live in the sole property that they own and are renting elsewhere. There is justification for a targeted measure. Previously, we made proposals whereby the rent that people were paying could be offset against the rental incomes that they were receiving. I accept that it is difficult to construct such a scheme and there is always the capacity for abuse, but it would be possible to do this in a targeted way in order to assist the people in question.

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