Minister backs plan to protect tenant deposits

THE new Housing Minister Willie Penrose has backed plans for a tenancy deposit protection scheme to support thousands of vulnerable tenants coping with a wave of property repossessions and bust landlords.

An independent body will hold tenants’ deposits and landlords face being fined for wrongly holding onto advance payments under proposals being considered.

Mr Penrose also confirmed that savings with the proposed scheme may be reinvested in housing projects for the homeless.