Joan Burton (Dublin West, Labour)
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89. To ask the Minister for Finance when he envisages the help to buy scheme as proposed under the programme for Government will be launched; the amount the scheme will cost; the level of assistance that will be offered under the scheme; and if he will make a statement on the matter. [34099/16]

Michael Noonan (Limerick City, Fine Gael)
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Subject to the approval of the Oireachtas of the Finance Bill 2016, potential applicants for the Help to Buy scheme will be able to register online with Revenue from 1 January 2017. It is estimated that the scheme will cost the Exchequer €40 million per annum, but that the cost for 2017 will be €50 million due to the inclusion of the cost associated with the backdating of the incentive to 19 July 2016.

Subject to satisfying the full conditions of the scheme, as set out in the Finance Bill as published, a first time purchaser will be entitled to claim a refund of income tax and DIRT paid over the previous four years. The refund will be subject to a maximum of 5% of the purchase price of a new home, or in the case of a self-build 5% of the approved value of the dwelling, up to a maximum rebate value of €20,000. However, the Deputy will be aware that some elements of the scheme may be amended, during the progress of the Finance Bill through the Oireachtas, so details remain subject to change until the Bill is enacted.

Joan Burton (Dublin West, Labour)
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90. To ask the Minister for Finance the status of the ongoing review of the Central Bank mortgage lending limits as specified in the programme for Government; the role of his Department in the review process; and if he will make a statement on the matter. [34100/16]

Joan Burton (Dublin West, Labour)
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94. To ask the Minister for Finance if he has requested the Central Bank to procure an independent assessment of the arrears and negative equity loan books of the banks as per the recent programme for Government commitment; when this process will begin and conclude; and if he will make a statement on the matter. [34104/16]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 90 and 94 together.

The Central Bank has advised that the review of the macro prudential mortgage lending regulations is continuing and that it expects to publish the final outcome of that review by the end of November.

As part of this review process, the Central Bank initiated a public "call for evidence based submissions". The Department of Finance has engaged in this process and made a submission to the Central Bank. This submission is now available on the Department's website at the following link:http://www.finance.gov.ie/what-we-do/banking-financial-services/consultations/departments-submission-central-banks-review-0. 

Regarding the quality of the banks' loan books, as regulator, the Central Bank has an ongoing role in monitoring the level of arrears and negative equity on mortgage and other loan assets of regulated credit institutions. The Programme for a Partnership Government contains a range of commitments in the broad housing and banking area and my Department is regularly engaging with the Central Bank on all the Programme for Government commitments which will impact on the Central Bank and its role in relation to mortgages.