Debate resumed on amendment No. 1: To delete all words after “Dáil Éireann” and substitute the following:"acknowledges that:— the construction sector and the housing market were very heavily affected by the economic downturn and the bursting of the property bubble; and — a poorly regulated banking sector, with lax lending standards combined with pro-cyclical and inappropriate fiscal policies adopted by the previous Government, led to a property bubble, the consequences of which are still evident throughout the country;recognises the importance of ensuring a strong and sustainable construction sector and housing market that meets the needs of the economy and society; notes that:— in 2014 a total of 11,016 homes were completed in comparison to 93,019 units completed at the peak of the housing bubble; and — at the peak of the housing bubble in 2007 over 270,000 persons were directly employed in the sector and that by 2012 this figure was below 100,000;further acknowledges that new housing supply - both social and private housing - is a key issue that needs to be, and is being, addressed; notes:— in this context, that the Government’s Construction 2020 Strategy for a Renewed Construction Sector is focused on addressing constraints that are inhibiting new housing supply, including as regards planning, mortgage and development finance, infrastructure and public investment, standards and regulation and education and skills; — in addition, the recent announcement of the Government’s Social Housing Strategy 2020 and the Government’s commitment therein to deliver 35,000 new social housing units over the period to 2020; — the additional €2.2 billion in funding announced for social housing in budget 2015 and the publication of the Social Housing Strategy 2020 in November 2014, which builds on the provisions contained in budget 2015 and sets out clear, measurable actions and targets to increase the supply of social housing, reform delivery arrangements and meet the housing needs of all households on the housing list; — that the Central Bank has recently issued macro-prudential proposals in relation to residential mortgage lending and will shortly make decisions in relation to these in accordance with its independent mandate in such matters; and — the encouraging signs of a recovery in the construction sector and the housing market;and agrees that a whole-of-Government approach to the implementation of Construction 2020 and the Social Housing Strategy 2020 will deliver a sustainable housing market that meets the needs of our society." - (Minister of State at the Department of Taoiseach)

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