Seanad debates

Thursday, 24 November 2016

10:30 am

Photo of Pádraig Ó CéidighPádraig Ó Céidigh (Independent) | Oireachtas source

I wish to raise two matters. I fully support Senator Mulherin on the issue of planning permission regarding Apple in Athenry. The way it is going is a disgrace. Many people in the centre of Galway would be mad keen to get a job there. It is hugely important. Our system creates an impairment for these companies to come to Ireland and create employment.

I ask the Leader to convey the following comments to the Minister for Finance. They concern the Central Bank and its announcements yesterday and this morning about supporting first-time house buyers and the proposal in the Finance Bill that came up recently. There are two aspects to housing loans. One concerns capital. Can a person get the money to buy the house? The Central Bank has to some degree addressed this, as has the Finance Bill. However, absolutely as important, if not more, is whether a person can repay the loan. Many of these people are first-time house buyers, young people starting on the ladder. They do not have the cashflow for the capital. Even if they get money from their parents or other family members to help finance the purchase, they still need the cashflow. I suggest that the Leader bring my comments to the attention of the Minister and that the Minister push the banks on this. For at least the first three years, interest-only repayments for first-time house buyers should be allowed. In other words, they would not pay interest on capital, which would give them the chance to solidify their jobs, start increasing their incomes and aid stability. There is also the revenue side of the matter. If an effort were made with the banks, I believe it would make a huge difference, and that, combined with the Central Bank and the Finance Bill, would open up the whole thing. The money would then stay with the house owner rather than being transferred in extra profits to the developer.

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