The Government's 'Mortgage to Rent' scheme has been branded an "abject failure" after only 42 cases have been fully concluded since its launch in July 2012.

Fianna Fail spokesperson Deputy Michael McGrath is calling for a complete review of how the scheme is operating.

He said: "We know there are over 35,000 households who are more than two years in arrears on their mortgage. The reality is that they face a very high risk of seeing their home repossessed. While there is no 'one size fits all' solution, Mortgage to Rent should be a viable option for some families in these circumstances.

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"As it stands at the moment, the scheme is having no discernible impact on the mortgage arrears crisis. Less than 2% of cases put forward by private lending institutions for consideration under the scheme have been brought to conclusion. This is due to a combination of bureaucracy between the parties involved and unnecessarily restrictive rules which apply to its operation."

(CD/JP)