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Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Hang on a second. There are thousands of examples of young working professionals paying rents of more than €2,000 per month for a two-bedroom apartment in Dublin city. How are they expected to save for a deposit to buy a property? A two-bedroom apartment in many areas of the city costs well over €400,000, if it has an en suite bathroom, never mind a car parking space. How...

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Gathering the deposit is the issue.

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Mr. McCarthy may have but he has not answered my question. I asked him about the deposit.

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: I will ask it again, if he wants me to be clear with him.

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: I will ask my question clearly. In relation to gathering a deposit, does Mr. McCarthy not accept that a person in Dublin, where the rents are as high as they are, is not in a position to gather money for a deposit to purchase a home unless he or she is on an extraordinarily high income, well in excess of €100,000 per year?

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: There is an important point that needs to be made. There has to be separation in the debate about the collapse in 2008 between domestic household buyers, many of whom struggled-----

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: -----but it is a proportion in comparison with what happened in the banking sector around reckless lending, which was entirely different. We are in a much better position today to give people the additional capacity to borrow. The fact that the deposit issue was not touched by the Central Bank review is mind-boggling. It is useless going after the increased lending capacity by extending...

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Returning to the topic, I just want to argue this point with the Secretary General and get a sense of where he stands on this issue. I am talking about what happened in 2008 and now with today's housing crisis, the impact it is having on the economy and the cost to the economy, which is definitely in the high billions at this stage. From the Department's point of view, is there a concern at...

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: That is fine-----

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Supply is king.

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Please do not run down my time. Supply is king. Is the only thing that is going to solve this. All of us accept that. Analysing the new housing supply and what is coming out, in Dublin for example, a lot of the big auctioneers in Dublin are telling me - Mr. Hogan can tell me if I am wrong - that between 30% and 40% of new properties are being sold to cash buyers..

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Hang on a second. I just want to expand my point. The percentage of people buying these properties outright gives an indication of just how broken things are. It shows the level of income they have, and fair play to them because they have obviously done well for themselves. Looking at the bell curve of society, people who should be in a position to buy a home, people who are earning good...

Public Accounts Committee: 2021 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Finance Accounts 2021
2021 Report on the Accounts of the Public Services of the Comptroller and Auditor General
Chapter 1 - Exchequer Financial Outturn for 2021
Chapter 2 - Net Cost of Banking Stabilisation Measures
Chapter 22 - Ireland Apple Escrow Fund
(17 Nov 2022)

James O'Connor: Mr. Hogan has a full minute now if he wants to answer.

Written Answers — Department of Culture, Heritage and the Gaeltacht: Sports Funding (17 Nov 2022)

James O'Connor: 50. To ask the Minister for Culture, Heritage and the Gaeltacht her plans to financially support the Irish women's football team following their success in getting to the World Cup finals in summer 2023; and if she will make a statement on the matter. [56983/22]

Written Answers — Department of Public Expenditure and Reform: National Development Plan (15 Nov 2022)

James O'Connor: 117. To ask the Minister for Public Expenditure and Reform if he will provide an analysis of the impact the climate action plan will have on the revised national development plan; and if he will make a statement on the matter. [56468/22]

Written Answers — Department of Public Expenditure and Reform: National Development Plan (15 Nov 2022)

James O'Connor: 122. To ask the Minister for Public Expenditure and Reform if his Department has carried out an analysis of infrastructure projects in the revised national development plan in respect of the new climate action plan targets for sectoral emissions reductions; if not, if his Department will do so; and if he will make a statement on the matter. [56467/22]

Written Answers — Department of Transport, Tourism and Sport: Driver Test (15 Nov 2022)

James O'Connor: 173. To ask the Minister for Transport, Tourism and Sport if he will expedite a driving test for a person (details supplied) as they are unable to take up an mechanic apprenticeship without a full licence. [56159/22]

Written Answers — Department of Education and Skills: Third Level Costs (15 Nov 2022)

James O'Connor: 451. To ask the Minister for Education and Skills his views on matters raised in correspondence (details supplied); and if he will make a statement on the matter. [56233/22]

Public Accounts Committee: Greyhound Racing Ireland: Financial Statements 2021 (10 Nov 2022)

James O'Connor: I welcome the witnesses. I will begin by calling a spade a spade. People who are unfamiliar with the sport ask questions about why it should be in receipt of such a degree of money. A good opening question from my point of view is to ask what benefit this has for the economy. I know Greyhound Racing Ireland undertook extensive economic research in the Power report. What does this do for...

Public Accounts Committee: Greyhound Racing Ireland: Financial Statements 2021 (10 Nov 2022)

James O'Connor: On a more grassroots basis, how many individuals are involved with greyhound racing as a sport? How many people are employed in it? How many breeders are there? Do the witnesses have those figures available? It is very important for Greyhound Racing Ireland to give the public at large some idea of why that investment from the Horse and Greyhound Racing Fund is worthy of going to it and...

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