Oireachtas Joint and Select Committees

Thursday, 17 November 2022

Public Accounts Committee

2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund

9:30 am

Photo of James O'ConnorJames O'Connor (Cork East, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

Hang on a second. I just want to expand my point. The percentage of people buying these properties outright gives an indication of just how broken things are. It shows the level of income they have, and fair play to them because they have obviously done well for themselves. Looking at the bell curve of society, people who should be in a position to buy a home, people who are earning good money, have good educations and who even in a downturn are likely to remain in employment, are locked out of it in the greater Dublin area and in a lot of urban areas. Cork and Dublin are the pinnacle of it because of the rental situation. People are caught in that trap and they are paying rental payments on a monthly basis that are far in excess of what a mortgage payment would be. That is what I am trying to get at here. When I asked about this on previous occasions, witnesses made a point about responsible lending. I fully accept that. I know they have a responsibility to give the Government good advice. However, I would argue that the rate of home ownership is falling out of the sky at the highest level in decades. Does that not concern Mr. Hogan?