John Gormley (Dublin South East, Green Party)

The almost 250% increase in house prices between 1996 and 2006 was unsustainable and should never be repeated. However, is it beyond the bounds of possibility that we could have a 10% increase in property in the next ten-year period, particularly when we get credit flowing again in the economy and given that inflation alone could be running at 2% annually? That has to be a distinct possibility. We have seen property prices drop to much more sustainable levels, and rightly so. The measures we will introduce for good planning and re-zoning will ensure we never again return to those days of hyper-inflated property prices.

There is a real circularity to the argument on NAMA: NAMA will work if we get credit flowing in the economy; if we get credit flowing in the economy, NAMA will work. I have never owned a share in any bank or company in my life; I simply do not believe in it. I believe, as a Green Party member for over a quarter of a century, that regardless of the solution being put forward - whether it be NAMA, the magic bank, nationalisation, default or whatever – the aim is to resurrect a system which is in and of itself unsustainable. We in the Green Party know this, but we also know that we are hooked into this unsustainable system and that the transition out of it, which is absolutely necessary, will take some time. In the meantime, the livelihoods of many people are dependent on the functioning of this flawed system. That is why it is necessary in the short to medium term to make changes in order that the financial and economic systems are more ecologically sustainable.

As a result of those changes that culture of greed and stupidity will be changed. It will be a better regulated system, which will result in more benefits for ordinary people and a better quality of life for all. That is why I will be pushing for further amendments to the NAMA legislation. NAMA is undoubtedly the biggest decision this Dáil has ever taken, but it is also a turning point in Irish politics. The circumstances that have given rise to this crisis will never be repeated. I am aware of the great responsibility that rests on the shoulders of the Green Party. After this crisis, the greatest opportunity we have had yet to transform our country will emerge. The new planning legislation and the new programme for Government will be transformational in nature. They will be accepted by the Green Party membership only if that is so.

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