Pearse Doherty (Donegal, Sinn Fein)
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104. To ask the Minister for Finance if he will review plans for a tax rebate for first-time buyers in view of the Central Bank's changes to the mortgage lending rules; and if he will make a statement on the matter. [38327/16]

Michael Noonan (Limerick City, Fine Gael)
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As the Deputy will be aware, the Central Bank remains independent with regard to the formulation of macroprudential policy. The recent alterations that have been announced to the macroprudential rules, including the changes to the minimum Loan-To-Value ratios for first-time buyers, do not materially alter the main policy aims of the Help to Buy incentive.

Notwithstanding the changes proposed from 1 January next year, securing a deposit to qualify for a mortgage will remain a challenge for many first-time buyers. This is particularly true for those with lower incomes or those paying high rents and as a result, struggling to save. The other main aim of the incentive was to encourage the building of additional new homes. By focusing the scheme solely on new builds and self builds, it is hoped that this will encourage the building of additional properties and thereby increase the overall housing stock.

For these reasons I remain committed to the Help to Buy incentive. However, the Deputy will be aware that I have agreed that an independent impact assessment of the scheme will be undertaken and completed by the end of September 2017.