Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

The witnesses are missing my point. I believe that during the Celtic tiger era, with Ireland joining the euro system, interest rates came down overnight - effectively making excess credit available - and prices rose. In fact, at one stage, mortgage interest relief was taken away from rental properties and the price of property stabilised. The following year that instrument was reversed and the price of property rose. The instrument of bringing in a rule of 20% deposit for houses means that it has been decided that a significant section of the population will never aspire to own their homes. I do not believe that is correct. What instruments can be put in place to ensure that the price of property does not go out of control? I accept that one must have a level of savings but there must be other instruments.

Some of the reasons for the crisis are that the loan to value ratio went askew; the income to mortgage ratio went crazy with people earning €40,000 getting a mortgage of up to €300,000. That was not sustainable. What instruments could be introduced to deal with supply? Mr. Deeter referred to the role of planning regulations.