This is a scheme which would leverage some of the €163 billion which is sitting in Irish deposit accounts to fund the delivery of thousands of affordable homes.
Deputy Hearne said:
“This government has a singular focus – design housing policy that will benefit developers and investment funds.
“In fact, the only measures taken by the Housing Minister to-date have been developer-and investment-fund led – slashing standards for apartments and ripping up rent regulation.
“The Minister has justified his capitulation to investment funds by stating that we need to raise finance for house building. However, we do not believe that the government needs to slash apartment standards, or throw renters under the bus, in order to raise finance.
“Under our proposal, the government would establish a Homes for Ireland Savings Account to leverage some of the €163 billion which is sitting in Irish deposit accounts, earning almost no interest, to deliver thousands of affordable homes.
“Funds raised through this savings scheme would be channelled through Home Building Finance Ireland (HBFI) and the Housing Finance Agency (HFA), and the money could be managed in a manner that keeps loans off the public books.
“This scheme would be attractive to savers, with favourable interest rates and no DIRT applied to these accounts. It would represent a win-win for both savers and the State.
“We know it will work, because a similar scheme – called Livret A – has operated successfully in France for decades. There is no reason the government can’t introduce a similar model in this country too.”
Professor Michelle Norris said:
“This is an excellent proposal and is something that was included in the report of the Housing Commission.
“We have had a long-term problem of finance for social and affordable housing in this country’s booming and busting.
“This would ensure there was a stable source of revenue for the sector that would enable delivery to remain consistent.
“We need new ideas, and radical measures, if we ever want to resolve the housing crisis. I would urge the government to examine this proposal and implement it or something similar.”
July 10th, 2025