Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

The real issue here is that of the 1,500 applications that have been approved, 68% have not been able to draw down the funds. They have not been able to draw down the funds because either it is taking too long for the underwriting process or, particularly in Dublin, the amount of money being offered - on average about €200,000 - comes nowhere close to the average house price of €340,000 and in Dún Laoghaire of €590,000. We have a situation now where €136 million of this fund is sitting there and the people to whom it is being offered cannot access it. It is not just a matter of extending the overall funding, it also involves fixing the scheme to ensure that when people are offered loans, it is an appropriate amount of money and it is done in a speedy enough fashion so the money can be spent on the houses they so desperately need.

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