Brian Cowen (Laois-Offaly, Fianna Fail)

I am talking about the future — the future which has created 0.5 million jobs since we returned to office and the future which is making sure we now have a greater capacity for construction than was the case when the Deputy's party was in office. The Deputy has being doing as much as she can on the ground which has been debilitating against progress in providing more housing despite her claim.

I understand that if there are interest rate increases, it affects affordability. However, many factors impact on people's ability to finance mortgage repayments. They include income levels, the income tax regime and the current interest rate. Irish earnings and employment levels have increased significantly since 1997. There has been a 56% increase in the average industrial wage over that period and employment has risen by more than 0.5 million jobs. Interest rates are much lower than in 1997. I can go back to 1993-95 when the Deputy's party was in Government and the real interest rate was 9% higher than the inflation rate. I can go back to those times. I was a Member of this House.

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