Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

I recognise Mr. Robert McBride in the Distinguished Visitors Gallery. He is a former member of the post-apartheid South African Government, a former political prisoner and ANC activist. He is a grandson of the executed 1916 Rising leader, Major John McBride. I extend our welcome to him.

What proportion of the cross-departmental team's work is focused on the issue of housing? We have addressed this issue in the past. Does it address, for instance, spiralling house prices? The Taoiseach recently stated there is no great problem with the property market, that we should not be concerned with the relentless rise in borrowings for overpriced houses and that there was no indication of a downturn in the property market. Does he stand over these views, particularly in the context of the warning from the Irish Financial Services Regulatory Authority to banks to set more money aside for mortgage defaults? What is the Taoiseach's view of the concern expressed by the ESRI, the OECD and the Central Bank about the dangers of an over-valuation of the property market? In the first three months of 2006, average national house prices have risen by 3.5%, compared to just 1% in 2005.

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