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Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: But Ms Deering can provide that after the meeting.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Ms Deering can write in later. That is absolutely fine.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Then I need to see a comparable figure for the sale cost versus Dublin.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Ultimately, as I said, this seems to be more advantageous to Dublin construction but, equally, to rent-to-buy schemes as opposed to private or social housing. How many of the combined 160-odd private and social housing units are in Dublin?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: No, not the funds. How many of the private and social properties are in Dublin?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Of the 85 social and 92 private properties, how many are in Dublin?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Ms Deering does not know how many of the private and social housing units were in Dublin. She knows about the apartments but not about the private or social units.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: That is irrelevant to what I am trying to ascertain.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Ms Deering can write into the committee. The specific question relates to the number of private and social allocations, which, to my mind, were 85 social and 92 private, and the other 841 that went into the rental market. I want to know how many of those were in Dublin and where the advantage of this funding is around the rest of the country versus Dublin.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: As well as the construction costs per county based on saleability, that is, the saleable price.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: To reiterate, there is no prospect of a developer being granted HBFI funding and that funding literally being sublent to any other builder.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: HBFI has due diligence to cover that off.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Will Ms Deering write to the committee informing us how HBFI covers off that process?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: It is always open to the developer to lend money to builders based on the fact that they are getting HBFI funding. HBFI would not know about it, but the builder could do it.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: On projects.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Does Ms Deering agree that, effectively, it releases other funding for the builder that he may have? HBFI does not do any due diligence as to whether a builder is out of funds or in funds. Does HBFI not look at his balance sheet?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: If the developer has €10 million on his balance sheet that is just sitting in the bank, does that preclude HBFI from giving him money?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: There is something very strange about the fact the people who appear to require the funding are not able to access it. The requirement of HBFI is that these people have a contract either with the county council or a housing body in order for HBFI to fund the development. Is that correct?

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Correct.

Public Accounts Committee: 2020 Report of the Comptroller and Auditor General and Appropriation Accounts
Home Building Finance Ireland - Financial Statements 2020
(3 Mar 2022)

Verona Murphy: Effectively, they need to be pre-sold.

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