Joan Burton (Dublin West, Labour)

On what planet is the Minister living? He talks about low inflation rates when house prices have risen by an astonishing amount — far in excess of building cost inflation — because there is incredible profiteering in land values and house prices by the construction sector. I remind the Minister of what Mr. Trichet said last week in reply to a query from a colleague of the Minister's, Eoin Ryan MEP, who is also a Member of this House. He said management of housing markets was the business of the EU member states. Does the Minister agree? He also said there was a need to incorporate prudential warnings and messages that combined with decisions taken at EU level into the economic cycles of EU member states.

Does the Minister understand the nervousness people feel? The Taoiseach asked us a couple of months ago to be kind to the banks. The Minister and the Taoiseach are never done talking up the construction industry but do not seem to have any concern for people who are anxious to try to afford a house. Affordability is moving further away from them and the Minister is heaping fuel on the bonfire.

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