James Lawless (Kildare North, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

720. To ask the Minister for Housing, Planning, and Local Government to examine the case of the Housing Finance Agency interest rate adjustments (details supplied); and if he will make a statement on the matter. [46536/24]

Darragh O'Brien (Dublin Fingal East, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

The interest rate policy of the Housing Finance Agency (HFA) is a matter for the management and board of that organisation. However, the HFA has advised my Department that the HFA approach to amending variable interest rates depends on the contractual arrangements with each individual customer.

The HFA advises that for some customers, the rate is linked to six-month Euribor and therefore the interest rate on those loans changes in line with the movements in Euribor, when the interest rate is set at the beginning of each six-month interest period.

They further advise that for all other HFA customers who have variable rate loans, the interest rate is determined by reference to the HFA’s cost of funds, which is the rate at which the HFA can borrow, at variable rates, under its Guaranteed Note Programme.

The HFA monitors its customers' variable interest rates on a quarterly basis against its variable rate cost of funds.

Any further information can be requested at the HFA's dedicated Oireachtas email address: oireachtas.enquiries@hfa.ie