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

I thank Deputy Pringle very much for raising this issue. Just yesterday, the Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien, met with members of the Mica Action Group. The regulations are being finalised. The Minister expects that they will be in place in the coming weeks and that the new scheme will finally be in place and up and running. Of course, anyone in the current scheme will get the uplift of the benefits of the new scheme.

Before I respond on the issue of the banks and insurance companies, I will address the issue of costs and the cap, which the Deputy has raised consistently. As he will know, the chartered surveyors have provided updated rebuilding costs for 2023 for Donegal and Mayo. Those were received at the end of February and relate to eight house types. They show an increase of 13% to 15% across those eight house types since the first cost report in February 2022. Building costs for 2023 for Clare and Limerick were received on 18 April and are currently under consideration with the expert group. That is just to give an overall update. The value of the scheme is currently estimated at approximately €2.7 billion. It is a significant commitment on behalf of the State and taxpayers to remedy this situation, which is only right.

Insurance companies and banks have a role to play. I have agreed to meet with the subgroup of the Mica Action Group that is focused on banking and insurance issues. The Minister of State, Deputy Carroll MacNeill, has also agreed to meet with the group in respect of insurance. We will do this at one meeting. I recognise the reality that taxpayers' money is being used to repair or reconstruct assets that are the security for loans held by the banks. Equally, it is the taxpayers rather than insurance companies who will be funding the costs involved. Banking and Payments Federation Ireland, BPFI, has been in correspondence with the Mica Action Group and has indicated a willingness to meet and to enter into a process and structured dialogue. I welcome that and think it is important. As I indicated to Deputy Doherty, who raised this issue, as have colleagues in Government, in the House the other evening, I will do whatever I possibly can to support the homeowners on those banking and insurance-related issues. The Minister of State and I will meet with the homeowners to see what we can do to provide assistance on the banking and insurance issues Deputy Pringle has identified.

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