Govt 'not in the business of providing bailouts to bust builders', says Finance Minister

The Government is not in the business of providing bailouts to bust builders the Finance Minister has said.

Govt 'not in the business of providing bailouts to bust builders', says Finance Minister

The Government is not in the business of providing bailouts to bust builders the Finance Minister has said.

Attending an update on the Home Building Finance Ireland scheme, which provides funding for developments across the country, Paschal Donohoe said the agency will only finance organisations that "we are confident of getting our money back from".

The scheme has already approved funding for 228 units across the country. The average price of homes in the approved developments is €293,000.

"We're not in the business of providing bailouts to bust builders."

"What we are in the business of is providing more homes, in particular, outside of Dublin where we know that, until this organisation was set up, the banks were not in a position to meet the level of demand that was there," said Mr Donohoe.

"These are loans, we expect the money to be repaid and the money is being lent out at a commercial rate of interest."

Meanwhile, Housing Minister Eoghan Murphy confirmed that he is pressing ahead with plans to hold a referendum on keeping water ownership.

"There is no threat to the public ownership of water but I do understand that people would like to see a referendum on this issue and we agreed to one as part of the general settlement that we had around water when we were putting together a minority Government in 2016.

"I know it seems like a long time ago but the big issue then was water."

Mr Murphy provided an update to Cabinet last week and has also written to the Oireachtas Committee on Housing, Planning and Local Government.

Mr Murphy said he has been working with the Attorney General on an opposition Bill to find suitable amendments to make sure that any referendum doesn't inadvertently capture group water schemes.

"I believe we will have our amendments ready in the Autumn at which point I will have to bring that forward for approval and then engage with that Oireachtas Committee on the passage of that legislation.

"But I have been very clear to the opposition to date and I think they agree with me, I hope they do, that if we are going to have a referendum, that the wording shouldn't be contentious because it doesn't need to be."

He added that the referendum should be held in conjunction with another vote to ensure high turnout.

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