James O'Connor (Cork East, Fianna Fail)
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Returning to the topic, I just want to argue this point with the Secretary General and get a sense of where he stands on this issue. I am talking about what happened in 2008 and now with today's housing crisis, the impact it is having on the economy and the cost to the economy, which is definitely in the high billions at this stage. From the Department's point of view, is there a concern at a domestic level about younger working professionals in the Irish economy who are working and paying taxes but are also paying extraordinarily high rents? Does Mr. Hogan accept the premise that for somebody buying their first domestic home, the current lending rules are a problem, irrespective of the Central Bank's change a couple of weeks ago? Does he accept that that is an issue?