Concerns grow over sustainability of Housing Loan Fund in Faroe Islands

Concerns are growing regarding the long-term sustainability of the Housing Loan Fund in the Faroe Islands. This observation comes from the National Audit Office in response to inquiries from the Parliamentary Committee on Internal Affairs, relating to the management of Ingilín D. Strøm, the Minister of Environment.

The report states that according to specific assessments by the National Audit Office, the Housing Loan Fund has largely relaxed the requirement that rental income must cover long-term maintenance and principal costs. In some instances, rental income only covered financial expenditures, failing to meet operational costs.

The Housing Minister, Ingilín D. Strøm, has faced criticism following the Parliamentary Committee’s findings concerning her accuracy in statements made to the Parliament. The committee concluded that Strøm has provided incorrect information, violating Article 5 of the law on the accountability of ministers. This article stipulates that a minister has a duty to tell the truth to Parliament and should not withhold information.

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