John Perry (Sligo-North Leitrim, Fine Gael) | Oireachtas source

Let us deal with the reality at the moment in respect of the Housing Finance Agency, its land bank and the attached indebtedness. Apparently, in 2007 the Department approved the purchase of €80 million worth of land at inflated prices. Then there was a severe downturn in the market. Only two sites purchased in 2007 have been included in the scheme. Is the debt attached to the land sustainable? Has there not been a realisation that there is serious indebtedness and that the land purchased is only worth a fraction of that price at the moment? Should there not be a mechanism, for example, a haircut on the debt and a re-engagement with the council to determine practical levels of debt or simply write off some of this money?