Mick Wallace (Wexford, Independent) | Oireachtas source

I would like to see the Minister for Finance, Deputy Michael Noonan, come in again, as well as Paul Sweeney from TASC, the Think-tank for Action on Social Change. We have a significant challenge in how we are going to fund a really good social housing programme. I do not believe we should be going down the PPP, public private partnership, route in which money costs 15 times more than what can be borrowed on the markets.

Given that this is an emergency, if we are to get €10 billion for infrastructural investment in the housing area, we will probably need a break from Europe on the fiscal rule. Being able to borrow money at 0.7% would be great value and would have significant knock-on effects for the whole economy, society and employment. Paying 15 times more for it through a PPP is not attractive.

Europe leaves much to be desired as far as sums are concerned. At this stage, however, it is imperative that the Irish State be allowed to break the fiscal rule and borrow money from the markets at less than 1%.