Galway Bay fm newsroom - Just five mortgage-to-rent transactions have been completed across the county since 2012.
The Mortgage to Rent Scheme involves a series of transactions resulting in the householder changing their status from house-owner to tenant - and moving from paying a mortgage to paying rent.
A key element under the scheme is that a defaulting borrower can remain in their home.
In the city, a total of 3 cases are active, one is ineligible and ten have been terminated.
In the county 11 Mortgage to Rent transactions are active, 22 are ineligible and 57 were terminated between 2012 and the end of 2016.
Fianna Fáil TD for Galway/Roscommon Eugene Murphy says the low number of completed transactions highlights the need for radical reform.
He says it's been clear for some time that the scheme is not working.
