Written Answers Nos. 141-161
141. Deputy Martin Kenny asked the Minister for Transport for an update on the investment in train and bus fleets and infrastructure to maintain safety and service standards, including expansion where necessary as outlined in the National Development Plan; and if he will make a statement on the matter. [18485/24]
View answerThe National Development Plan (NDP) 2021-2030 is a plan for a cleaner, greener, connected Ireland that supports communities and progresses our climate goals.
Projects delivered under the NDP will transform how we travel, connect us to our communities and help us halve our greenhouse gas emissions by 2030. The NDP will deliver a transport system which provides greater choices to travel more efficiently, making it easier for people to travel sustainably, by footpath, cycleway, road and rail.
Included in the NDP is the Infrastructure Managers Multi Annual Contract (IMMAC), which provides a multi-annual investment programme to protect our national railway system by funding maintenance and safety projects needed to maintain safety and services levels in railway operations. Approximately €1.3bn in Exchequer funding will go towards the protection and renewal of the national rail network under the current IMMAC contract which runs from 2020 to 2024.
In view of Iarnród Éireann's responsibility for the IMMAC, I have referred the Deputy's question to the company for direct reply.
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. The National Transport Authority (NTA) has responsibility for the planning and development of public transport infrastructure. Noting the NTA's responsibility in the matter, I have also referred the Deputy's question to the NTA for a direct reply. Please contact my private office if you do not receive a reply within 10 days.
142. Deputy Martin Kenny asked the Minister for Transport for an update on the rail and bus station development including traffic management investment, passenger information programmes, public bicycle share schemes, accessibility enhancements etc. as outlined in the National Development Plan; and if he will make a statement on the matter. [18486/24]
View answerThe National Development Plan (NDP) 2021-2030 is a plan for a cleaner, greener, connected Ireland that supports communities and progresses the climate goal to cut emissions.
Projects to be delivered under the NDP will help transform how we travel, connect us to our communities and help us halve our greenhouse gas emissions in transport by 2030. The NDP will deliver a transport system which provides greater choices to travel more efficiently, making it easier for people to travel sustainably, by footpath, cycleway, road and rail.
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. The National Transport Authority (NTA) has responsibility for the planning and development of public transport infrastructure. Noting the NTA's responsibility in the matter, I have referred the Deputy's question to the NTA for a direct reply. Please contact my private office if you do not receive a reply within 10 days.
143. Deputy Martin Kenny asked the Minister for Transport for an update on investment in high-speed rail links between Dublin, Belfast and Cork as outlined in the National Development Plan; and if he will make a statement on the matter. [18487/24]
View answerThe National Development Plan (NDP) 2021-2030 is a plan for a cleaner, greener, connected Ireland that supports communities and progresses our climate goals. Projects to be delivered under the NDP will help transform how we travel, connect us to our communities and help Ireland to halve transport greenhouse gas emissions by 2030.
The NDP noted that an All-Island Strategic Rail Review is currently being conducted to specifically consider the potential for enhanced inter-urban and inter-regional rail connectivity, including the opportunities for higher speeds on the rail network.
The All-Island Strategic Rail Review is being undertaken in co-operation with the Department for Infrastructure in Northern Ireland. The results of the Review will inform the development of the railway sector on the Island of Ireland over the coming decades, including on railway lines between Dublin and Cork, and Dublin and Belfast. The draft report recommends upgrading the core intercity railway network to line speeds of up to 200km/h.
Work on the All-Island Strategic Rail Review is now at an advanced stage and a draft report was published for a Strategic Environmental Assessment (SEA) public consultation in July 2023. The public consultation phase of the SEA process concluded on 29th September 2023 and submissions have been reviewed by officials from both jurisdictions.
It is expected that a final Review report, taking account of the comments raised in the consultation, will be submitted for Government approval in both jurisdictions and that the final Review will be published in the Summer.
As the Deputy may also be aware, the Infrastructure Manager Multi Annual Contract (IMMAC), which is noted within the NDP, provides the exchequer funding framework for the protection and renewal of our railway infrastructure, including the Dublin to Cork and Dublin to Belfast rail lines. This is the final year of the five-year IMMAC programme, as approved by Government in 2020, and over the five years of the programme in excess of €1.3 billion in exchequer funding will be made available to support delivery. This funding will increase service reliability and punctuality, improve journey times and ensure continued safety of rail services. In December 2023, track and infrastructure upgrades carried out under IMMAC, facilitated an improvement in journey times on the Dublin – Cork route, including what is believed to be the fastest ever timetabled service at 2hrs and 14 minutes.
Additionally, funding of €165m has been approved for the Enterprise Fleet Replacement project under the new PEACEPLUS cross-border EU programme which is managed by the Special EU Programmes Body (SEUBP), a North South Implementation Body established under the Good Friday Agreement. The balance of funding for the project will be provided jointly through the Department of Transport in Ireland and the Department for Infrastructure in Northern Ireland. The scope of the project is to replace the current Enterprise fleet of four train sets operating between Dublin and Belfast with eight train sets. This will deliver enhancements between Dublin and Belfast by increasing the frequency of the service and reducing journey times. An hourly frequency of service, with up to 16 return services per day, is proposed from initial operation in 2029, with journey times of 1 hour 55 minutes compared to an average journey time of circa 2 hours 10 minutes at present. Frequency improvements on the route are also envisaged in the shorter-term.
Noting the Iarnród Éireann's (IÉ's) responsibility in the matter, I have referred the Deputy's question to IÉ for a more detailed reply on the specific issues raised. Please contact my private office if you do not receive a reply within 10 days.
144. Deputy Thomas Gould asked the Minister for Transport for an update on the north-west multi-modal mobility hub, as outlined in the National Development Plan. [18490/24]
View answerThe North West Transport Hub is one of three EU-funded INTERREG projects progressed in partnership with the Department of Transport, along with Cross-Border Greenway projects and the FASTER EV Charging Infrastructure Project.
It was planned and delivered by Translink at a cost of £27 million. This funding was received from the INTERREG Programme, managed by the Special EU Programmes Body (SEUPB) as well as additional funding from the Department for Infrastructure in Northern Ireland, the Irish Department of Transport, and from Derry City and Strabane District Council.
The North West Transport Hub is now complete and operational with an event marking the close-out of the project held in March 2023. The Hub provides enhanced passenger facilities, a park and ride facility with 100 spaces including disabled spaces and e-charging points, and links to a Greenway path to Foyle Street Bus Station and the City Centre via the Peace Bridge.
145. Deputy Martin Kenny asked the Minister for Transport for an update on the circa €2 billion investment in the DART expansion programme, including electrification of services to Drogheda, Celbridge/Hazelhatch, Maynooth and M3 Parkway, hybrid-electric fleet expansion and new interchange stations with bus, LUAS and Metro networks as outlined in the National Development Plan; and if he will make a statement on the matter. [18491/24]
View answerAs the Deputy may be aware, as Minister for Transport I have responsibility for policy and overall funding of public transport in Ireland, including in relation to the rail network. The National Transport Authority, or NTA, has statutory responsibility for the planning and development of public transport infrastructure, including the DART+ programme.
Noting the NTA's responsibility in this matter and the specific issues raised by the Deputy, I have referred the Deputy's question to the NTA for a more detailed reply. Please contact my private office if you do not receive a reply within 10 days.
146. Deputy Martin Kenny asked the Minister for Transport for an update on the park-and-ride programme serving Irish Rail, Luas and bus stations, as outlined in the National Development Plan; and if he will make a statement on the matter. [18492/24]
View answerAs Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. The National Transport Authority (NTA) has responsibility for the planning and development of public transport infrastructure, including park & ride facilities.
Noting the NTA's responsibility in the matter, I have referred the Deputy's question to the NTA for a direct reply. Please contact my private office if you do not receive a reply within 10 days.
147. Deputy Martin Kenny asked the Minister for Transport for an update on the complete construction of the national train control centre as outlined on the National Development Plan; and if he will make a statement on the matter. [18493/24]
View answerAs the Deputy may be aware, as Minister for Transport I have responsibility for policy and overall funding of public transport in Ireland, including in relation to the rail network. The National Transport Authority, or NTA, has statutory responsibility for the planning and development of public transport infrastructure, including the National Train Control Centre.
Noting the NTA's responsibility in this matter and the specific issues raised by the Deputy, I have referred the Deputy's question to the NTA for a more detailed reply. Please contact my private office if you do not receive a reply within 10 days.
148. Deputy Martin Kenny asked the Minister for Transport for an update on the circa €2.5 billion investment in BusConnects Programme for Dublin, Cork and Galway, including redesign of the bus network, bus corridors including segregated cycling facilities and new bus stops and shelters as outlined in the National Development Plan; and if he will make a statement on the matter. [18497/24]
View answerBusConnects is a transformative programme of investment in the bus system, providing better bus services across our cities. It is the largest investment in the bus system in the history of the State, and is managed by the National Transport Authority (NTA).
In Dublin, the major infrastructure element of BusConnects comprises 12 Core Bus Corridor schemes. These Corridors aim to provide over 200 km of enhanced walking, cycling, and bus route infrastructure in the Dublin region. An Bord Pleanála has granted planning permission to four of the Corridors - the Clongriffin, Liffey Valley, Ballymun/Finglas and Belfield/Blackrock schemes.
Meanwhile, new bus services in Dublin are already being delivered with the first five phases of the Network Redesign rolled out in recent years. This roll out will continue in the coming years.
In Cork, following a public consultation, the new BusConnects network was published in June 2022, and it aims to provide an increase of over 50% in bus services across the city. Planning for the implementation of the new bus network has commenced and it is expected that the new network will be implemented in the coming years.
Another key component of the BusConnects Cork programme is the implementation of bus priority measures, generally bus lanes, on key bus corridors serving the city. A third round of non-statutory public consultation on the 11 Sustainable Transport Corridors commenced ran from November to December 2023. Preparation of a Preliminary Business Case for the programme is ongoing.
Similarly, BusConnects Galway will provide a major enhancement to the bus system there. Key elements are currently under development, namely the Cross City Link project and the Dublin Road scheme. The Salmon Weir Pedestrian/Cycling Bridge was officially opened to the public last May. The bus network design was finalised last December following a public consultation, and it will provide improved services, including in Bearna and Oranmore.
Overall, BusConnects will transform bus services in our cities, allowing passengers to travel more conveniently, quickly and sustainably, and I look forward to its full implementation.
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. The NTA has responsibility for the planning and development of public transport infrastructure, including BusConnects. Noting the NTA's responsibility in the matter, I have referred the Deputy's question to the NTA for a direct reply. Please contact my private office if you do not receive a reply within 10 days.
149. Deputy Martin Kenny asked the Minister for Transport for an update on the transition to low-emission buses in the public urban fleets as outlined in the National Development Plan; and if he will make a statement on the matter. [18498/24]
View answerThe Government is committed to the decarbonisation of the public transport sector in line with the Climate Action Plan. No new diesel-only buses have been purchased for urban public service obligation bus fleets since July 2019, as set out in the National Development Plan 2018-2027. The transition to a zero-emission urban bus fleet is currently programmed to take up until 2035, based on replacement of non-zero-emission buses as they reach the end of their efficient service lives.
Electric buses produce no emissions and offer reduced interior and exterior noise levels compared to diesel buses. This transition to electric buses will result in cleaner air and less noise pollution in areas where the buses are operating, while also providing a quieter journey for passengers.
The first order of 100 double deck electric buses for the Dublin network was placed in 2022 and all were delivered by the end of last year. Circa 40 of these buses are in service now using charging infrastructure at Phibsborough and Summerhill bus depots and all are scheduled to go into operation over the coming months.
The first phase of depot electrification to support the transition to zero-emission buses for Limerick city was inaugurated in April, providing 30 high-power charging guns at Bus Éireann’s Limerick Roxboro bus depot. The first 34 double-deck battery-electric buses are now in Limerick and have been piloted on a variety of routes in the city since February 2024.
In addition to the above, under the Sustainable Mobility Policy Pathfinder Programme, a fully electric town bus service, with 11 new single-deck battery-electric buses, is operating in Athlone.
As Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. The National Transport Authority (NTA) has responsibility for the planning and development of public transport infrastructure, including the provision of the national Public Service Obligation bus fleet. Noting the NTA's responsibility in the matter, I have referred the Deputy's question to the NTA for a direct reply. Please contact my private office if you do not receive a reply within 10 days.
150. Deputy Martin Kenny asked the Minister for Transport for an update on the approximately €230 million infrastructural investment at Dublin Port to accommodate larger sea-going vessels and to increase capacity, as outlined in the National Development Plan; and if he will make a statement on the matter. [18539/24]
View answerDublin Port is progressing implementation of its Masterplan in order to ensure that the Port can provide for future sustainable growth and changes in facilitating seaborne trade in goods and passenger movements to and from Ireland and the Dublin region in particular. Works include the redevelopment of existing berths, creation of new berths, deepening of the port’s navigable channel from 7.8m to 10m draught, upgrading of the road network, provision of unified state services facilities for control and inspections and improvements in utility infrastructure.
Approximately 25% of the overall project has been completed to date, with considerable work completed on the Alexandra Basin Redevelopment (ABR) which is the first of three Strategic Infrastructure Developments projects. The project includes the deepening and extension of existing quay walls in Alexandra Basin, the provision of a new 270m long Roll-on Roll-off (RoRo) vehicle trade jetty together with two new RoRo berths within the inner basin, infill of existing Berths 52/53, and the dredging of the Liffey fairway channel to a depth of 10m below Chart Datum. The final main civil engineering element of the project, the new quay walls at Alexandra Quay West, are currently under construction. This work was part funded by Connecting Europe Facility along with finance from the European Investment Bank.
Terminal 4 (T4) is one of the first ABR projects to be completed and provides capacity for handling European and UK unaccompanied RoRo freight units. The opening of the first phase of T4 has allowed the Port to move some of its business to the new terminal and facilitates ongoing development works associated with the ABR Project, and the commencement of works on the MP2 Project. The opening of the first phase of T4 marks a major milestone in the project, as the fully completed terminal will have a capacity of 462,000 RoRo units, serving the RoRo berths created as part of the ABR Project.
The MasterPlan 2 (MP2) Project is the second major capital development project from Dublin Port’s Masterplan 2040. Between the ABR Project and the MP2 Project, Dublin Port Company has now secured all of the planning permissions required for the major development works planned on the northern side of the port. The first main phase of the MP2 Project will commence in 2024, the construction of new Berth 53 and the eastern half of new Berth 52 at the eastern end of the North Port. This project will be followed by the completion of the western half of new Berth 52, so allowing the infill of a substantial basin area of circa 5.7 hectares to create additional cargo handling area. The new Berths 52 & 53 will be able to handle the largest in class RoRo vessels of up to 240m in length, and will have double-tier linkspans, so increasing the Port’s operational resiliency. Various enabling works, both land side and marine side, have been undertaken in 2022 and 2023 to allow the commencement of this first main project phase in 2024.
The company is also progressing the third and final Masterplan project, the 3FM project, with the commencement of the pre-planning stage and in particular the preparation of the detailed project design and the environmental impact reports. It is expected that the company will be lodging a planning application with An Bórd Pleanála in mid-2024.
151. Deputy Holly Cairns asked the Minister for Transport if his attention has been drawn to the imbalance of roads funding applied to county councils (details supplied); whether his Department will undertake a review to ensure all councils are provided with the necessary funding to meet Departmental guidelines for road resurfacing; and whether funding will be released to Cork County Council to alleviate the shortfall in funding provided to date. [18600/24]
View answerThe improvement and maintenance of regional and local roads is the statutory responsibility of each local authority, in accordance with the provisions of Section 13 of the Roads Act 1993. Works on those roads are funded from Councils' own resources, which are supplemented by State grants for regional and local roads.
As outlined in the 2024 Regional and Local Roads programme which I released on the 15th of February this year, the Government is strongly committed to protecting the existing regional and local road network. This network is fundamental in connecting people and places across the country.
Ireland's regional and local road network spans over 96,000kms. The network requires significant funding to ensure it remains fit for purpose, safe and resilience. As such, €658 million was allocated to Regional and Local Road Grants in 2024, with approximately 90% of this funding being directed towards maintenance and renewal works. This represents an overall grant funding allocation increase of 5%.
The three most significant grants for Councils in terms of monies and in terms of maintaining the road network in a serviceable condition are Restoration Maintenance, Restoration Improvement and Discretionary Grant. The amount that each local authority receives under these three grant programmes is based on the regional and local road length in each county or city area (taken as a proportion of the total road length and multiplied by the amount available for that programme) with some account taken of traffic. Cork County Council’s 2024 allocation is, therefore, consistent with other local authorities’ allocations.
There are some factors that affect each local authority’s Discretionary Grant allocation. The cost of salt for the previous winter, which is purchased centrally, is subtracted from the gross Discretionary Grant allocation to each authority to recoup the cost of salt used by each authority in the previous winter. In addition, Cork County Council is required to self-fund a portion of its roads programme due to the Council’s Local Property Tax receipts. This is also subtracted from the Council’s gross Discretionary Grant allocation.
Where projects are being implemented under the Specific or Strategic Grant Programmes, this can result in significant variances between the total amount of funding provided to local authorities with similar networks and this affects total grant per kilometre comparisons between different local authorities. In 2024, Cork County Council have been allocated €83,199,560 under the Regional and Local Road Grant Programme. In 2023, Cork County Council were allocated €71.3m for the maintenance and improvement of their regional and local roads network; the 2024 allocation represents a 16.62% increase on this figure.
As Minister for Transport, I have responsibility for overall policy and exchequer funding in relation to the National Roads Programme. Under the Roads Acts 1993-2015 and in line with the National Development Plan (NDP), the operation and management of individual national roads is a matter for Transport Infrastructure Ireland (TII), in conjunction with the local authorities concerned. This is also subject to the Infrastructure Guidelines and the necessary statutory approvals. Exchequer funding is allocated to local authorities through TII on an annual basis as a result of the estimates process. TII allocates funding from within this envelope for the purpose of fulfilling it's statutory duties and delivering Government policy in connection with national roads.
152. Deputy Réada Cronin asked the Minister for Finance if he will instruct the banks, and in particular banks previously bailed out by the citizens, to make it their policy - not ‘an exception’ - that cash be accepted at teller desks for lodgement to personal accounts, without customers being requested to do so by machine and card, this being critical for people who are not tech-savvy; and if he will make a statement on the matter. [18574/24]
View answerI would note that, in the first instance, the nature of policies such as those highlighted by the Deputy are independent commercial decisions. However, cash has an important role in both society and the economy.
One way I am working to protect that role is through the Access to Cash Bill 2024. The General Scheme of the Bill was published on 23 January 2024, and aims to ensure that evolution of the access to cash infrastructure does not move ahead of society's needs and expectations and that the future evolution of cash infrastructure is handled in a fair, transparent, and equitable manner. The Bill will ensure continued access to cash in the State based, initially, on December 2022 levels, adjusted for the subsequent exits of Ulster Bank and KBC.
One feature of the legislation is that it will allow me to prescribe regional requirements for the minimum numbers of ATMs per 100,000 people, the proportion of the population that must be no more than 10 km from an ATM, and the proportion of the population that must be no more than 10 km from a “cash service point”. Cash service points are locations where cash can be deposited and withdrawn, during normal business hours, where in-person assistance is available. Bank branches and An Post offices satisfy this definition. The primary purpose of having cash service points is to have locations where cash can be lodged, but cash service points also provide assistance to customers who need it when depositing or withdrawing cash.
Drafting of the Bill is currently in progress. This is an important piece of legislation and is being progressed accordingly.
Concurrently, a recommendation of the Retail Banking Review, which was published in November 2022, was that the Department of Finance should lead on the preparation of a new National Payments Strategy (NPS) to be ready in 2024. The Retail Banking Review recommended that the NPS set out a roadmap for the future evolution of the entire payments system, taking account of developments in digital payments, as well as the use of cash and other issues.
The Department of Finance has established a dedicated team to develop the NPS and the Terms of Reference for the National Payments Strategy were published on 27 June 2023. A key objective of this Strategy is Access and Choice by promoting reasonable options for consumers and small businesses in the payment methods currently available to consumers in Ireland. The Strategy is also specifically considering the issue of the acceptance of cash.
I also would like to highlight that, currently, the Consumer Protection Code, Chapter 2 – Principles – states that: ‘A regulated entity must ensure that in all its dealings with customers and within the context of its authorisation it: […]2.2 acts with due skill, care and diligence in the best interests of its customers;’ Accordingly, regulated entities must abide by this ‘bests interests’ requirement. The Central Bank’s Consumer Protection Code Review Consultation Paper is currently still open, and emphasises regulated entities securing customers interests.
153. Deputy Sean Sherlock asked the Minister for Finance the number of properties currently in ownership by an agency (details supplied), by local authority area, by type of property and suitability for residency, in tabular form. [18632/24]
View answerI wish to advise the Deputy that, NAMA does not own properties. On establishment, NAMA acquired loans from participating institutions for which properties act/acted as security.
NAMA’s portfolio has been significantly deleveraged and its remaining secured property portfolio is largely concentrated in the residential development land sector and not individual property units.
NARPS (National Asset Residential Property Services) is a NAMA subsidiary which was established to expedite social housing delivery. NARPS owns 1,366 residential properties which are under long term lease to AHBs and local authorities. The breakdown by local authority area is provided below. All NARPS units are leased by the AHBs and local authorities to tenants for social housing. NARPS owns 525 houses and 841 apartment units.
'Housing for All’ includes a commitment to agree the process for the transfer of NARPS from NAMA to the Land Development Agency (LDA). In line with this commitment, it was agreed in principle that the transfer will take place by way of a legislative amendment to the LDA Act 2021, subject to Government and Oireachtas approval.
The timeline for the transfer of NARPS to the LDA is therefore subject to the approval and timing of legislative amendments to the LDA Act 2021. Any necessary amendments to the LDA Act 2021 must be brought forward by the Minister for Housing, Local Government and Heritage and the timing of such amendments will therefore be determined by that Department.
Breakdown of NARPS portfolio by local authority area:
|
Local Authority Area |
|
|
Carlow |
8 |
|
Clare |
37 |
|
Cork City Council |
172 |
|
Cork Co. Co. |
150 |
|
Dublin City |
290 |
|
Dun Laoghaire Rathdown |
162 |
|
Fingal Co. Co. |
65 |
|
Galway City Council |
50 |
|
Galway Co. Co. |
21 |
|
Kerry |
7 |
|
Kilkenny |
44 |
|
Laois |
75 |
|
Meath |
29 |
|
Monaghan |
38 |
|
Offaly |
29 |
|
Sligo |
4 |
|
South Dublin Co. Co. |
88 |
|
Waterford |
25 |
|
Westmeath |
16 |
|
Wexford |
49 |
|
Wicklow |
7 |
|
Grand Total |
1,366 |
154. Deputy Pearse Doherty asked the Minister for Finance the estimated first-year and full-year cost of removing residential stamp duty with respect to the purchase of residential property by first time buyers for property purchase values of €500,000 or less. [18668/24]
View answerStamp duty applies to the acquisition of residential property at a rate of 1% on the transfer of ownership of property with a value of up to €1m and 2% on any balance over €1m.
The bulk purchase of houses (not apartments) i.e. the acquisition of 10 or more in any 12-month period, triggers a 10% stamp duty rate. If triggered, it will also be applied to all of the up to 9 houses purchased previously in that 12-month period. Certain conditions and a number of exemptions and refund schemes apply to this rate on bulk acquisitions.
I am advised by Revenue that, based on stamp duty returns for 2023, the latest year for which fully analysed data are available, the estimated cost of abolishing stamp duty for first-time buyers of residential properties valued at less than €500,000 is in the order of €43 million.
This estimate is arrived at by taking the stamp duty returns for residential property purchases made by persons identifying themselves as first-time buyers, where the consideration was less than the suggested threshold, and taking the associated tax liability as the potential cost of exempting them from the duty.
155. Deputy Pearse Doherty asked the Minister for Finance the estimated cost to the Exchequer of the help to buy scheme in 2023, 2024 and 2025, respectively. [18671/24]
View answer156. Deputy Pearse Doherty asked the Minister for Finance the allocation in the base as per Budget 2024 for the help to buy scheme in each of the years 2025, 2026 and 2027. [18672/24]
View answer157. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue saved were the loan to value ratio under the help to buy scheme increased to 85%. [18673/24]
View answer158. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue saved were the maximum amount of relief under the help to buy scheme reduced to €25,000 and the loan to value ratio increased to 85 %. [18674/24]
View answer159. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue saved were the maximum amount of relief under the help to buy scheme reduced to €20,000 and the loan to value ratio increased to 85 %. [18675/24]
View answer160. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue saved were the maximum amount of relief under the help to buy scheme reduced to €15,000 and the loan to value ratio increased to 85%. [18676/24]
View answer161. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue saved were the maximum amount of relief under the help to buy scheme reduced to €10,000 and the loan to value ratio increased to 85%. [18677/24]
View answerI propose to take Questions Nos. 155, 156, 157, 158, 159, 160 and 161 together.
Help to Buy is a demand led scheme which is subject to a broad range of variables, including housing completion rates and prices. For the purposes of the Budget 2023 documentation, a figure of €175 million was estimated as the full year cost going forward. For the purposes of the Budget 2024 documentation, a figure of €181 million was estimated as the full year cost going forward and a figure of €181 million is also estimated for 2025. As the scheme is scheduled to sunset on 31 December 2025, there are no estimates available for 2026 or 2027.
I am advised by Revenue that the table below sets out the estimated annual revenue saved for each scenario outlined by the Deputy, using claims approved in 2023, the latest year for which fully analysed data are available.
|
Proposed Measure |
Revenue Saved €m |
|
Loan to value ratio of a minimum of 85% |
90 |
|
Loan to value ratio of a minimum of 85% and maximum relief of €25,000 |
105 |
|
Loan to value ratio of a minimum of 85% and maximum relief of €20,000 |
120 |
|
Loan to value ratio of a minimum of 85% and maximum relief of €15,000 |
135 |
|
Loan to value ratio of a minimum of 85% and maximum relief of €10,000 |
150 |
