Mr. Tom Parlon:

Deputy Mac Lochlainn said that this cost will be spread over a long number of years but it is still a substantial cost. The construction industry is a major taxpayer as well and will be contributing. One of the figures I used earlier that has been backed up by the Society of Chartered Surveyors Ireland is that half of the actual cost is a non-building cost and that a large part of it is taxed. We could take the VAT alone, and I know there is some interest again in looking at that. Say we build 25,000 houses this year - and hopefully we will build a few thousand extra - those 25,000 houses at €40,000 per house amount to €1 billion that goes directly into the Exchequer. The Minister for Finance, when he announced his budget, announced the spending of €11 billion. He largely had that largesse because of corporation taxes being paid. The economy is going well and the industry will be paying our part. Already the construction industry has been a major contributor to the economy. If you take the metric that we employ more than 150,000 workers directly, all of them pay their full PAYE, PRSI and so on, and that is effectively paid by the construction employers around the country. The construction industry is an important one to the Exchequer and we are making our contribution.

It goes back, as Ms Hone said, to the root cause, which is that individuals were found wanting. They did not produce the proper product. Whether you were an individual house builder, a small contractor or whoever, you bought defective blocks while believing them to be good quality so you will end up with a problem. Generally manufacturers have insurance or a bond to cover such an eventuality but I am not sure if that has ever been exposed. For anyone seeking a mortgage, such as a first-time buyer, the scrutiny and all the conditions that attach to the house are massive. The banks are very careful that they will not mortgage a house that may not be built to the full standards. Ms Hone or Deputy Doherty talked about the number of mortgages that are outstanding and still being paid by them. There are a whole lot of people to blame but the industry will be making a massive contribution in doing what it is doing.