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Committee on Environment, Culture and the Gaeltacht: Select Sub-Committee on Arts, Heritage and the Gaeltacht: Estimates for Public Services 2015
Vote 33 - Arts, Heritage and the Gaeltacht (Revised)
(3 Mar 2015)

Ciarán Lynch: We will go through the subheads, as is in the brief. Is the Deputy okay with that?

Committee on Environment, Culture and the Gaeltacht: Select Sub-Committee on Arts, Heritage and the Gaeltacht: Estimates for Public Services 2015
Vote 33 - Arts, Heritage and the Gaeltacht (Revised)
(3 Mar 2015)

Ciarán Lynch: I will begin with the Minister and the two Ministers of State, where appropriate.

Committee on Environment, Culture and the Gaeltacht: Select Sub-Committee on Arts, Heritage and the Gaeltacht: Estimates for Public Services 2015
Vote 33 - Arts, Heritage and the Gaeltacht (Revised)
(3 Mar 2015)

Ciarán Lynch: Did you get to go yourself?

Committee on Environment, Culture and the Gaeltacht: Select Sub-Committee on Arts, Heritage and the Gaeltacht: Estimates for Public Services 2015
Vote 33 - Arts, Heritage and the Gaeltacht (Revised)
(3 Mar 2015)

Ciarán Lynch: We will let the Minister reply.

Committee on Environment, Culture and the Gaeltacht: Select Sub-Committee on Arts, Heritage and the Gaeltacht: Estimates for Public Services 2015
Vote 33 - Arts, Heritage and the Gaeltacht (Revised)
(3 Mar 2015)

Ciarán Lynch: We will let the Minister respond and then I will call Deputy McEntee.

Committee on Environment, Culture and the Gaeltacht: Select Sub-Committee on Arts, Heritage and the Gaeltacht: Estimates for Public Services 2015
Vote 33 - Arts, Heritage and the Gaeltacht (Revised)
(3 Mar 2015)

Ciarán Lynch: That concludes the select sub-committee's consideration of the Revised Estimate for Vote 33 - Department of Arts, Heritage and the Gaeltacht. I again thank the Minister, the Ministers of State and their officials for their attendance.

Committee on Environment, Culture and the Gaeltacht: Select Sub-Committee on Arts, Heritage and the Gaeltacht: Message to Dáil (3 Mar 2015)

Ciarán Lynch: In accordance with Standing Order 87, the following message will be sent to the Dáil:The Select Sub-Committee on Arts, Heritage and the Gaeltacht has complete its consideration of the following Revised Estimate for public services for the year ending 31 December 2015: Vote 33 - Department of Arts, Heritage and the Gaeltacht.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: The committee of the inquiry into the banking crisis is now in public session. Good morning and I would like to welcome you to the joint public hearing of the Joint Committee of Inquiry into the Banking Crisis. Later this morning we will hear from Professor Alan Ahearne but in our first session of this morning's discussion we will hear from Dr. Peter Bacon on the Bacon report on the housing...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: Thank you, Dr. Bacon, for your opening comments. You wrote three reports, in 1998, 1999 and 2000. In the 2000 report you noted house prices were rising rapidly despite a strong response of housing supply, the law of supply and demand. The report recommended new measures including further proposals to discourage investors and another reform of stamp duty. Maybe you could...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: At the core of the position, would it be accurate to state in considering the housing market between 2001 and 2002, prices started stabilising and maybe even calmed a bit?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: Would that effect in the market be related to the implementation of your recommendations?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: That brings me to my next question, before I bring in Deputy Higgins. In 2001, the Government reversed a number of measures that Dr. Bacon suggested and were introduced. Stamp duty for investors was cut, tax on second homes was eliminated and interest relief was restored as a deductible expense when calculating tax on residential income. What was your view on the reversal of the...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: Were you consulted about that?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: There was no-----

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: The record is that your recommendations were implemented and by your account this morning, that had a measurable impact on the housing market. We saw a stabilisation and maybe even a drop in prices as a result of your recommendations. Your recommendations were then reversed and what happened to the market? Did the prices start increasing again or-----

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: -----did they stay stabilised?

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: For the record again, you were not consulted on any of those reversals of the measures outlined in your report.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: Dr. Bacon will not get used to them here.

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: Can I come back to one matter Deputy Phelan was dealing with to get clarity for the committee from Dr. Bacon? Deputy Phelan referenced the first page of the NAMA report, which states: As regards their property loan portfolios the six guaranteed credit institutions face cumulative economic impairment on their land and development loan exposures and associated property investment loans of...

Committee of Inquiry into the Banking Crisis: Context Phase (4 Mar 2015)

Ciarán Lynch: Okay. Can you tell the inquiry what you consider that figure to be?

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