Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I thank Senators Cummins, Boyhan and Fitzpatrick for their contributions and support. I make the point to Senator Cummins that although the LDA has the capacity to borrow under the LDA Act, with prevailing rates, that is not possible. What we are doing here is putting a measure in place. We have already increased the equity stake from €1.25 billion to €2.5 billion in terms of investment by the State through ISIF. Now we are allowing it to look at alternative areas of funding up to €1.2 billion of a cap. In effect, the LDA is seeking to deliver 14,000 homes. It is not just about the model; it is also about access to finance. This relates to a point raised by Senator Fitzpatrick. What we are doing here is ensuring the LDA, which is very much functioning and up and running, can effectively progress with its plans and the building of houses. As a Government, we are providing the LDA with additional State funding of €1.25 billion, but also ensuring it can access alternative sources of funding We are putting that in the LDA Act to ensure it can progress. I thank Senators for their support.