Mary White (Fianna Fail)

Yesterday I attended the launch of the annual report of the Central Bank for 2003. The Governor of the Central Bank, Mr. Hurley, said he was worried about our increasing growth. Our credit debt is 25% higher than any other country in the euro zone. In the autumn we should call in the Minister for Finance to find out what can be done about this. The governor warned that if the rate of increase of house prices — currently running at 12% to 13% — and in borrowing is maintained, there could be a collapse or a correction. This should be a priority for the Minister for Finance in the autumn. Irrespective of the increase in housing supply, growth in prices is still 12% or 13% and the tragedy is that first-time house buyers are paying the price. Senator Ross has regularly stated in his newspaper column that auctioneers' guide prices mean nothing. Many houses are sold at auction at 100% above the guide price. We should listen closely to what the Governor of the Central Bank said yesterday. I seek a serious debate on the issue to discuss what the Minister for Finance can do to stop the spiralling increase in house prices and help first-time house buyers.