Brendan Griffin (Kerry South, Fine Gael)
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Question 58: To ask the Minister for Finance his views on a proposal regarding the revival of the property market (details supplied); and if he will make a statement on the matter. [38182/11]

Michael Noonan (Limerick City, Fine Gael)
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I am aware of the proposal to introduce a residential value protection scheme. The scheme as proposed would allow purchasers of new and second hand houses and apartments under €350,000 to insure against the risk of their property falling in value by up to 15 per cent over three years from the date of purchase. The risk would be shared in different proportions by government, financial institutions, the vendor and the purchaser. The proposed scheme would be limited to the first 20,000 applicants. The proposed scheme is a housing policy issue which is a matter for my colleague Mr Phil Hogan TD, Minister for Environment, Community and Local Government and I have asked that the details of the scheme would be forwarded to him for consideration.