Rory Hearne (Dublin North-West, Social Democrats) | Oireachtas source

The Minister is repeating the same tropes that the Taoiseach repeats that we have had no alternatives. If the Minister looked at our election manifesto, he is correct that we talked about using private investment but it is the particular type of private investment. The Taoiseach is also spinning this by saying we are against private investment. We are not against private investment in housing. What we are against is shaping the entire housing system around the profitability demands of institutional funds and institutional investors. There are multiple different forms of private investment. One of the solutions we have put forward is using a new State saving scheme, as they do in France, to leverage the €160 billion that is available in banks in this country. We cannot just rely on commercial banks to channel that money into housing. What they have in France is a state saving scheme that creates a fund that funds affordable housing directly. Why can we not do that? That is private finance but it is not the speculative private finance that the Government seems to be obsessed with.

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