Éamon Ó Cuív (Galway West, Fianna Fail) | Oireachtas source

That is happening all the time.

I will hear this great argument put forward to the effect that the Government could not help the ordinary people because of the moral hazard. Most ordinary people who bought family homes did so in good faith and paid the price in the market at the time. In the case of family homes, they bought them because they wanted to have a family home. Talk to them about moral hazard when, at the time at which they bought, it was the only price they could pay. I do not refer to trophy houses here but to ordinary three-bedroom houses and other ordinary houses or apartments people bought. Second, there were reasonable expectations, as I often have pointed out. In the case of two civil servants who bought a house together back in 2006, in the normal course of events they would have expected that by 2014, not only would their income not have fallen but that it would have increased. Things change and it was necessary to make hard decisions but to talk about moral hazard in such a situation and for banks and bankers to talk about moral hazard is absolutely obscene and absurd.

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