The original €200 million allocated funds under the Rebuilding Ireland Home Loan Scheme have ran out, causing the initiative to stall.

The government has been urged to immediately sanction the continued funding of the scheme.

Responding to the news, Labour's spokesperson on Housing, Jan O'Sullivan TD said: "Applications are sitting on desks in Local Authorities while families anxiously wait for the release of the money. For most of them, this is the only opportunity they can see to get a secure home that they can afford. In some cases, they will lose the chance to buy a home currently on the market as time is of the essence. 

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"I am getting the same answers that I got before Easter: that the Minister for Finance and Public Expenditure is discussing it with the Central Bank and the Minister for Housing is reviewing it in his Department. It's time they concluded their discussions and re-established the Scheme.

"Ministers O'Donohoe and Murphy do not seem to grasp the personal burden this confusion over funding is causing people. This is highly stressful for the families caught in the middle and for the many others who hope to apply."

(CM/JG)