(1) The Minister may, in accordance with a scheme approved by the Minister for Finance, pay, out of moneys provided by the Oireachtas, a subsidy to a building society in respect of interest payable to the society by a member in respect of a housing loan.
(2) A scheme under this section may, without prejudice to the generality of subsection (1), specify -
(a) a class or classes of persons in respect of which a subsidy may be paid by reference to their financial circumstances,
(b) a class or classes of loans in respect of which the subsidy may be paid, or
(c) a class or classes of houses securing the loan in respect of which the subsidy may be paid.
(3) In this section, "housing loan" includes an outstanding loan secured by a mortgage of freehold or leasehold estate or interest in a house under the repealed enactments.