Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. We know from evidence that house prices and construction started to decline in the first quarter of 2007. Can I just talk to you about your speech at the opening of the new headquarters of Treasury Holdings on Monday, 10 December 2007? This was an attendance, just before Christmas, with Johnny Ronan and John and Richard Barrett was there. You talked about the outlook recognises "the difficulties facing the construction sector in the light of recent and ongoing developments in both ... international and domestic economic environments" and you go on to say, "That is why last week’s Budget underscores the Government’s determination to deliver ... its housing commitments under Towards 2016". You go on to talk about how you've increased spending above 16% on the 2007 Estimates for social and affordable housing. You go on to talk about changes in stamp duty regime that were introduced that would significantly improve ... sorry, "provide a significant stimulus to the market by boosting purchasing power generally". You go on to say how you ... your Government, from 1 January, is increasing the ceiling for mortgage interest relief for first-time buyers, for married people and also increasing income tax relief for rent payment by 11% and increasing the threshold for rent-a-room scheme and so on, "and are continuing with the generous tax reliefs for landlords investing in private rented accommodation". You go on to say, "Taken together, these measures testify to the Government's commitment to the [continuing] development of the sector". Now, is this not you telling a number of developers and whoever else was there that the Government are intent in trying to reflate a property bubble that had already bust?