The Oireachtas Committee on Housing has recommended compensation for people who bought badly built homes during the Celtic Tiger.

However it has not decided where the money will come from.

The committee will publish a report later recommending a redress scheme for people who bought homes that were shoddily built.

The committee was looking at building standards and consumer protection.

One of their recommendations is a redress scheme for homes built before 2014 that have latent defects.

The committee believes owners who bought in good faith should not be liable for repairing work needed because of the "incompetence, negligence or deliberate non-compliance of others".

They have suggested putting a levy on the construction industry, allowing home owners to write repairs costs off against tax, or an interest free loan scheme.

It could benefit those living in developments like Priory Hall and Longboat Boat Quay - as well as people in homes affected by pyrite.

The committee also recommends setting up a Building Standards and Consumer Protection body, that would act in a similar way to the Food Safety Authority of Ireland or the Environmental Protection Agency.

Committee member, Eoin Ó Broin, claims they have left their funding suggestions deliberately vague so all possibilities can be considered.

"Whether, for example, it's some kind of tax break to cover the cost of defects, whether there's some kind of levy on industry or whether there's some kind of interest-free loan - what we're saying to the Government in this report is that we think they should establish a redress scheme.

"They need to look at a number of potential funding mechanisms".