Michael Ring (Mayo, Fine Gael)

They were robbing the young people of this country by mortgaging them in a way that puts them under pressure for the next 40 years. Thanks be to God that the good days are over for the builders because they ripped off the young people of this country when they had the opportunity to do so. They blackguarded them. Having spoken to auctioneers, I know they were not satisfied to be getting €400,000 for houses which had been valued at €180,000. People are not buying houses off the plans — or off The Irish Times or the Irish Independent — anymore. I sometimes wonder whether there is a God, but I know now there is when I see what is happening to the builders who misbehaved over recent years.

The Minister for Finance could have helped young people by reforming stamp duty and doing something in relation to mortgages, but he did not do so. He thought the boom would never end. The Government has squandered the boom and destroyed the country. The Minister, Deputy Cowen, who thinks he will be Taoiseach within a few months, is depending on increased growth next year. He was sitting where the Minister of State, Deputy Seán Power, is sitting now when he told us last year there would be a budget surplus of €1.7 billion this year. Instead of that, we will have to borrow €5 billion this year.

See this speech in context