Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Charlie McCreevy:

Well, as I said, I ... it was the Finance (No. 2) Bill of 1998, that the ... we had done that particular non-deductibility of interest for residential property, and then we restored it, because we felt, as I said, in my earlier reply to this in my debate with Deputy Doherty, lots of things happened, including rents going upwards. We had rents ... I gave figures there of rents going up by 25% in that particular period there. So, we felt at the time, for better or worse, that the thing to do was to allow the investor more or less back into the market. It should not also be forgotten that we made considerable changes to the stamp duty regime in all of those years, and I started off with quite a simple stamp duty regime and ended up ... with a desperately complicated one.

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