Results 381-400 of 2,386 for speaker:Michael Finneran

Housing Market. (23 Oct 2008)

Michael Finneran: The Deputy has asked a number of questions. The new home choice loan cannot be construed in any way to be entering the sub-prime area. This is a targeted approach for first-time buyers and there is no incentive. It aims to deal with people who would have been able to get a loan in the past. It is well known nationally that a person looking for a €300,000 mortgage, with financial...

Housing Market. (23 Oct 2008)

Michael Finneran: I will take the matter of the intervention first. I did not state it would apply to somebody who could not get a loan because he or she could not make the repayments. I put on the record that this applies to people who are in a position to make repayments but do not have the 20% deposit. This has nothing to do with a bail-out of builders, involvement in the construction industry or a...

Housing Market. (23 Oct 2008)

Michael Finneran: I assure the Deputy and the House there is no question of seven times a salary being advanced. The minimum income is €40,000 and the maximum loan is €285,000. The rule of thumb which will be applied by the four designated local authorities and the central office, backed up by the Affordable Homes Partnership, is that approximately five times salary or less will be advanced. The...

Housing Market. (23 Oct 2008)

Michael Finneran: That is correct.

Housing Market. (23 Oct 2008)

Michael Finneran: I have explained the position on second-hand homes. The information available to us is that over 70% of young people buy new homes and there is a 14% to 15% differential between the price of a new home and an existing home. What was the first part of the Deputy's question?

Housing Market. (23 Oct 2008)

Michael Finneran: The intended time for the scheme to be in place is from six to 12 months. I am prepared to review it in light of the success of the scheme or otherwise.

Housing Market. (23 Oct 2008)

Michael Finneran: I do not accept that. It is a terrible interpretation to put on an opportunity——

Housing Market. (23 Oct 2008)

Michael Finneran: ——for couples interested in buying a home.

Housing Market. (23 Oct 2008)

Michael Finneran: I reiterate there is no incentive in this home choice loan. It is offered at a variable rate in the same way as a loan from any other financial institution. The only difference is that it is targeted at a group of people and will have a loan to value of 92%. There is no incentive and no intervention by Government or my Department in the construction industry. If it has a plus, we will...

Local Authority Housing. (23 Oct 2008)

Michael Finneran: The provisions of the Housing (Miscellaneous Provisions) Bill 2008 are designed to provide a more transparent framework for the delivery of a diverse range of social housing options. The Bill clarifies the role of housing authorities in regard to the management of housing which they own or lease under the rental accommodation scheme or other arrangements. This includes the power to...

Local Authority Housing. (23 Oct 2008)

Michael Finneran: As for the last point, Government policy is to have integrated and sustainable communities. Consequently, I assure the House there is no question of either my Department or the front-line Department reverting to the old position of having local authority estates. Housing developments must be sustainable communities and this remains the policy of the Department. As for the new Housing...

Local Authority Housing. (23 Oct 2008)

Michael Finneran: My Department has no responsibility in that area. It pertains to the Companies Acts and is a matter for the Department of Enterprise, Trade and Employment. However, as the Deputy noted, a debate is taking place on this matter. I understand the Department of Justice, Equality and Law Reform will bring forward its proposals on this issue. However, it is not a specific matter for my Department.

Local Authority Housing. (23 Oct 2008)

Michael Finneran: First, I wish to reassure the Deputy on this matter. At present, local authorities have certain powers under the 1992 Act, which they use in at least three ways that I can think of. First, they use them when an estate gets together and decides to set up its own co-operative management. This takes place in some, but not all, local authorities and works well. In an estate of 20 or 30...

Local Authority Housing. (23 Oct 2008)

Michael Finneran: We should not assume that local authorities will take charge of entire private estates.

Local Authority Housing. (23 Oct 2008)

Michael Finneran: As I noted earlier, section 30 of the Bill provides that some or all of a housing authority's management functions may be delegated to a designated body. Such delegation is confined to a body including residents and these powers already exist under section 9 of the Housing (Miscellaneous Provisions) Act 1992. I am not adding to those functions in this instance but I will have to make...

Written Answers — Social and Affordable Housing: Social and Affordable Housing (23 Oct 2008)

Michael Finneran: The European Court of Justice (ECJ) decision in question arose on foot of a referral, by the High Court, for a ruling in relation to whether certain provisions of the European Communities (Free Movement of Persons) (No. 2) Regulations 2006, which sought to implement the provisions of Directive 2004/38, were consistent with the Directive. In summary, Directive 2004/38 is concerned with the...

Written Answers — Social Housing: Social Housing (23 Oct 2008)

Michael Finneran: The total Exchequer provision for housing in 2009 will be almost €1.66 billion in current and capital funding. This represents a reduction of 4% on the record provision for 2008, which, it should be noted, was an increase of 16% on the 2007 estimate. By any measure, the 2009 funding is very significant — representing an average of over €4.5m per day in 2009 — and it is a clear...

Written Answers — Housing Aid for the Elderly: Housing Aid for the Elderly (23 Oct 2008)

Michael Finneran: I propose to take Questions Nos. 20 and 37 together. Demand under the housing adaptation grant schemes for older people and people with a disability has been accelerating year on year, with annual expenditure in recent years rising from €13 million in 1997 to an initial expenditure estimate of over €71 million in 2008. The launch of the revised suite of grant schemes in November 2007 and...

Written Answers — Social Housing: Social Housing (23 Oct 2008)

Michael Finneran: I propose to take Questions Nos. 24, 32 to 34, inclusive, 41, 46 and 49 together. The final terms of the incremental purchase scheme will be determined following the enactment of the Housing (Miscellaneous Provisions) Bill, 2008 and will be informed by some market testing in the interim. In broad terms the intention is that the scheme will be accessible for those applicants who are...

Written Answers — Social and Affordable Housing: Social and Affordable Housing (23 Oct 2008)

Michael Finneran: The interest rate on local authority housing loans is determined by the Housing Finance Agency (HFA) by reference to mortgage rates prevailing in the financial market. The current variable interest rate to local authority borrowers, excluding mortgage protection, is 5.25%. The current fixed interest rate available on local authority loans, excluding mortgage protection, is 5.5% for a period...