Bernard Durkan (Kildare North, Fine Gael)

I propose to share time with my colleague, Deputy Richard Bruton.

I reiterate the point I made last night that the challenge facing the economy is one of competitiveness and the possibility that recent job losses will be followed by large-scale job losses. Notwithstanding the report issued by the ESRI today, problems do not vanish of their own accord. Corrective action is needed. A couple of years ago, house prices in an area adjoining my constituency increased by €80,000 over one weekend. If anyone considered such an increase sustainable, I am in the wrong business. Someone should have recognised the need to act at that time. Having done the right thing and purchased these houses, the home owners faced an increase in their costs and must seek wage increases to fund them. This would not have been necessary if timely action had been taken to curtail the spiralling house prices that drove the economy crazy.

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