Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

I agree with the Deputy that builders in many parts of the country are experiencing difficulties in obtaining finance at an affordable rate to allow them to undertake projects that are viable and can deliver houses at prices people can afford. We have introduced a number of measures to help with construction and development costs in site development. For example, the An Bord Pleanála process has been fast-tracked and the local infrastructure housing activation fund, LIHAF, has been put in place, which essentially is the Government paying the development levies. We have also introduced the help-to-buy scheme and are now introducing Home Building Finance Ireland, HBFI, which will be a new source of finance for builders who cannot get it from the traditional lenders. I cannot comment on what the exact rate will be, but it will be provided for in the legislation when the Minister brings it forward. However, I do know that it will be competitive and commercially viable.

On HBFI interactions with NAMA, my understanding is it will sit alongside NAMA and that there will be a service level agreement under which staff will be seconded to work in the new entity which will work to provide finance for builders and developers throughout the country to have more homes built more quickly at more affordable prices.

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