Seán Sherlock (Cork East, Labour)
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Question 52: To ask the Minister for Finance his views on reports that property developers are engaging in trade in and interest-free loan schemes to entice buyers to buy houses; the tax implications for purchasers in these instances; and if he will make a statement on the matter. [31336/08]

Tommy Broughan (Dublin North East, Labour)
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Question 74: To ask the Minister for Finance his views on reports that property developers are offering interest-free loans to encourage property purchasers who cannot raise large deposits; if he has been briefed by the Financial Regulator as to whether such schemes meet their approval; his views on whether this is a positive development for the Irish property market; and if he will make a statement on the matter. [31317/08]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I propose to take Questions Nos. 52 and 74 together.

As Minister for Finance, my role as regards financial regulation is to develop policy and bring forward proposals to the Oireachtas for the supervision of the financial services sector, including that based on EU financial services law. Once that legislation has been enacted, the task of implementing and applying regulatory requirements on a day-to-day basis rests with the Financial Regulator, which is independent of me in the exercise of its statutory functions. The Deputy will be aware that the Financial Regulator has a statutory mandate to safeguard the interests of consumers of financial services.

I am aware of the reports referred to in the Deputies' questions relating to offers of interest-free loans to potential house purchasers. There are, however, many variations to these types of schemes and in the absence of precise details of their terms and conditions, it is not possible to make an assessment of possible regulatory and, indeed, taxation implications. My Department, has, however, asked the Consumer Director in the Financial Regulator to review current practices of seller financing of deposits for housing sales and I will advise the Deputies of the outcome of this assessment. In relation to taxation implications of any particular scheme, full details should be sent to the Revenue Commissioners, to enable them to form a view on the matter.