Mick Wallace (Wexford, Independent) | Oireachtas source

The Minister of State made reference to some figures showing the low percentage of residential units that are held by REITs relative to the amount of properties in the country. The point I made is that these guys have gotten hold of an incredible number of properties that have been made available to rent in Dublin city. They bought them in bulk from NAMA and from the banks. They are buying an incredible proportion of what has become available in the last few years. They are having an incredible impact on the system.

One of the most frustrating things for me since I came into this place in 2011 is the fact that the problems around how we supply housing in all forms are not being dealt with in the way they should. I do not see anyone doing what needs to be done. There are so many problems in our construction industry and in how we supply housing and they are not being addressed. It is inevitable that we will continue with boom and bust. I promise that there will be another bust in a number of years, probably four or five. I will be shocked if there is not because the fundamentals are completely wrong. The Government is looking for trouble.

I am not saying it is easy to fix but the Government is not doing what needs to be done. I do not know to whom the Government is listening but there are people in the industry who know where the bodies are buried and where the problems lie. It is fixable. It might take a long time but the Government could make a start. Rome was not built in a day but it was started. The REITs are only one element of the problem but the Government has allowed them to grow so much. The former Minister, Deputy Michael Noonan, told me in 2014 that they were only worth €400 million. He also said that if it got out of control, he would address it but it has not been addressed.

We tried to get Hibernia REIT into the NAMA inquiry as a module. In a few year's time, the Government will be checking to see if that entity was built on the proceeds of crime.

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