Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

As announced in my budget day speech on 10 October 2017, it is my intention to establish HBFI to provide funding on market terms to viable residential development projects whose owners are experiencing difficulty obtaining debt funding or credit. HBFI will be a stand-alone entity that will provide funding directly into the market. It will be designed to leverage off the extensive expertise already available to the State to deliver this initiative and, as such, existing NAMA staff skills and expertise will be utilised to deliver the funding involved. Any lending provided in due course will be made available by HBFI and will not impact on NAMA's existing objectives or its board's strategic wind-down plans.

In answer to the Deputy's final question, I hope to bring the establishing legislation to the Houses of the Oireachtas for approval either later this year or in early 2018, with a view to HBFI commencing operations by the second quarter of next year. It is not expected that it will have an indefinite lifespan but it is too early to speculate as to how long it might operate as this will depend on the availability of funding in the market to meet demand for homes in the coming years.

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