The scheme supported older homeowners to sell their house to the local authority in exchange for smaller, more suitable social housing.

Rent can be still be raised annually by 2 per cent or the rate of inflation, and can be reset to market rent every six years.

Michael Carey stepped down as chair of the enterprise body and the Housing Agency in June after his company East Coast Bakehouse failed to file its accounts on time.

The Housing Agency argued that their new chief executive, Martin Whelan, should start at €184,852 per year, the fourth and final point on the agreed salary scale.