Eamon Ryan (Dublin South, Green Party)

-----and what are the values. If they are not what we think they are, although a fair bit of analysis lies behind the figures given today, they will be adjusted. It is the valuation on a loan-by-loan basis which will determine what happens.

Another crucial point is that people need confidence that we are not going back to price rises in property. The prospect of spending 25 or 30 years paying off a mortgage was a killer for young people in this country. I got my own mortgage some ten years ago and when they showed me the figures I could not believe how much I would pay off in the end compared to how much I got in the first place. We do not need property markets going up all the time for us to make money. For too long we were obsessed with property and we need to get away from it. The figures set out today include ten years estimating a less than 10% increase in property. Any difference between the interest rate one is paying and inflation will cover that. We are not trying to get the economy kicking again in terms of property prices. Those days are gone.

In terms of the default option, there is view out there that says "Let the market do it". I heard Deputy Richard Bruton say it today. Should the Government be setting up an asset management agency at all? Are we good or bad at that? I had some thoughts over the past few days when I read articles expounding the theory that the market knows best. I disagree. Our banking system, developers and market were lousy at asset management development. I heard Deputy Rabbitte laughing earlier and saying "Here is the Green Party bit of the Bill where we will put in special schools and parks". I am proud of that new part of the Bill. I am proud of getting planning that puts the school in at the same time as the houses and which does not pay over the odds.

I am proud of being in the Green Party in these difficult times. Deputy Bruton said he did not have faith in our DNA to get the planning right and act like the Swedes do. We are comfortable with our ability to do that. We can do it in a way that helps this country out and have a vision as to how one sticks to proper planning.

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