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Doherty welcomes Noonan climb down on Mortgage Insurance Scheme

4 March, 2015 - by Pearse Doherty TD


Sinn Féin TD and Finance Spokesperson Pearse Doherty has welcomed the climb down from Minister Michael Noonan on the introduction of a Mortgage Insurance scheme. The dropping of the proposal was confirmed to Deputy Doherty in a parliamentary reply.

Sinn Féin TD and Finance Spokesperson Pearse Doherty has welcomed the climb down from Minister Michael Noonan on the introduction of a Mortgage Insurance scheme. The dropping of the proposal was confirmed to Deputy Doherty in a parliamentary reply.

Deputy Doherty said:

“I welcome the confirmation of the dropping of this proposal. It made no sense and had been criticised by myself, economists and most recently the Central Bank.”

“In May of last year Minister Noonan committed to having the scheme ready by last October’s Finance Bill. At that point a State backed scheme was proposed. Then the Central Bank’s proposals on new lending regulations effectively swept the carpet from under the Minister's feet.”

“The Minister’s proposal amounted to an attempt to stimulate demand at a time when supply is completely lacking. Under pressure the Minister had kicked this proposal to the Finance Committee where it was roundly criticised. Already by this point he had conceded that a State backed scheme was not going to work.”

“The reply last night to my question amounts to a major climb down from the position less than a year ago. The Minister’s half-baked attempt to deal with the housing crisis has now been defeated by common sense.”

“The government should now concentrate on developing a proper social housing scheme and a rent control scheme to complement the Central Bank’s new rules on lending.” 

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