Oireachtas Joint and Select Committees

Wednesday, 26 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Banking Sector: Central Bank

3:00 pm

Photo of Richard Boyd BarrettRichard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

Has the Governor any figures on the greater level of concentration of property ownership? I suggest that he should get those figures because they are important. Greater concentration of ownership of property is an inevitable result of what has happened and it is very dangerous - it is a recipe for a repeat, on a bigger scale, of what we have already seen. This greater concentration of ownership of property means the circle that people have been trying to square in recent weeks cannot be squared. A small number of people control the market and, therefore, they control prices. They will set prices at the level that suits them to make a lot of money. People will either be priced out of the market or banks will be pressurised to extend more credit, which will send us back to the dangerous territory of lending money that should not be loaned.

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