Darragh O'Brien (Dublin Fingal, Fianna Fail) | Oireachtas source

They are very significant changes. Under the Bill, every 12 months those rates can be varied by a Minister by regulation without changing the Bill. The SCSI set the rates, and I commend it on the work it did. It was an important piece of work. I committed to homeowners at the time with regard to the previous rates, and homeowners had understandably been very critical of those rates, that we would get the work done independently through the SCSI and that I would accept those rates, which I did. They were independently calculated and fully accepted. That was in February.

Yes, we have had price inflation across various sectors since then. The members of the SCSI in their evidence to the committee were very clear that inflation should not be considered over a short period of time. Others have spoken about tracking the consumer price index, CPI, for that over a short space of time, particularly in this inflationary environment. I have given a commitment and it is set down in the Bill. There is no issue with reviewing rates into the future, but one has to allow a period of time for that to happen. That is what is set in the Bill. That is why it is so important that we get this passed by the summer. Then the review of that can take place. It is provided for that in the first three years the rate can be varied every year. After that, it would have to come back to the Oireachtas.

In response to Deputy Calleary, who has spoken to me about this issue, if there are specific issues, we will look at them through regulations for smaller homes and terraced houses. We need to work through the regulations to make sure that the scheme is fully operational as soon as possible. I will do that and I will continue to engage with Deputies on all sides of the House on that. By the way, this is not a question of just starting work on regulations post the Bill passing. Work is already under way on that. We do not want to delay this legislation in any way, shape or form. It will take time to get the regulations in place. We will bring them forward, and I expect that to be in the autumn, and we will have the scheme up and running. It is a greatly enhanced scheme that will provide 100% redress, access to the scheme for a second grant and a 40-year guarantee. It will ensure there are no financial barriers to enter the scheme, as there were in the previous scheme in early 2020. There are no upfront costs of €5,000 to €7,000 in this scheme. I could go on, but Deputies will be aware of this.

This is a greatly enhanced scheme, an improvement on the previous one, that will provide 100% redress so people can get their homes-----

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