Michael McGrath (Cork South Central, Fianna Fail)
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82. To ask the Minister for Finance the legal restrictions which will apply to non-State operated mortgage to rent schemes; if his Department’s approval is required for such a scheme; and if he will make a statement on the matter. [47692/14]

Michael Noonan (Limerick City, Fine Gael)
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The approval of the Department of Finance is not required in order to introduce a Mortgage to Rent Scheme (MTR).  All MTR operators are bound by the existing Mortgage to Rent Scheme, which was introduced by the Minister for the Environment, Community and Local Government, in response to a recommendation in the Keane Report of 2011.

The Housing Agency, which administers the MTR scheme, has informed me that it is not aware of any legal restrictions on MTR operators, other than that the State cannot compel any operator, either those operating within Ireland or outside it, to offer MTR.