Eoin Ó Broin (Dublin Mid West, Sinn Fein)
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278. To ask the Minister for Housing, Planning, and Local Government when the final proposed shared equity local scheme proposal will be submitted by his Department to the Central Bank; and the precise matter on which his Department is seeking approval from the Central Bank with respect to this scheme. [44768/21]

Darragh O'Brien (Dublin Fingal, Fianna Fail)
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The development of the "First Home" scheme itself has been approved by Government and involved legislative change as part of the Affordable Housing Bill 2021, which was enacted before the summer recess. It will be a short-term, finance-limited measure to get first-time buyers into new homes by bridging an affordability gap faced by many. It will boost housing supply and instill confidence into the residential construction sector.

The preparations for the Scheme has included ongoing engagement with the Central Bank in relation to the interaction between the mortgage measures – the macro prudential rules - and the First Home shared equity scheme. Informed by this, the First Home Shared Equity Scheme is being designed as an equity product rather than being a debt on the purchaser. The Central Bank has confirmed that it will consider the interaction of the scheme with the mortgage measures as part of the regular annual review later this year, well in advance of the planned launch of the scheme in early 2022.