Micheál Martin (Cork South Central, Fianna Fail)

I can understand the rationale for this proposal. I take it that the basic objective of the exercise is to try to kick-start the property industry. In this context the Budget Statement was interesting. At one level there was a good deal of criticism of the fact that the property bubble was a fundamental factor in the collapse of the economy but the more deeper underlying problems relate to the euro and its flawed design and the dramatic decrease in interest rates after the 9-11 attacks in the United States in 2001. A wall of cheap money was funnelled in to Europe and across the developed economies which fuelled much of the property bubbles across the eurozone, including in this country.

At the beginning of the Budget Statement there was criticism of the property market but by the end of it we heard of a range of incentives for the sector. Given the very poor state it is in, I do not have a difficulty with attempting to create a sustainable construction sector. However, it puts into sharp relief much of the rhetoric with which we had to put up on previous occasions from Deputies in the Labour Party in particular. It is ironic that a Labour Party Minister is promoting this resolution. It probably gives a calmer perspective to the debates we had in this House in previous times when extreme rhetoric was used in regard to the sector. We do not have a difficulty with the proposition.

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