Michael Kitt (Fianna Fail)

Mortgage relief is probably a better way to help people who borrow substantial amounts. If a scheme similar to that relating to SSIAs were introduced in respect of first-time buyers, it would certainly help them to save money.

Many prophets of doom stated that when SSIAs matured, the price of houses would rise. However, that does not appear to have happened and the trend seems to be moving in the opposite direction. The insurance sector has issued a warning regarding the consequences that might result if Fine Gael's proposal were accepted. Like the Minister for Finance, I encourage people to continue saving when the SSIA scheme comes to an end.

My final point relates to a worrying trend, which has been well publicised in the newspapers, in respect of people we would regard as having good incomes. Reference was made to the incomes of gardaí, nurses and teachers not being sufficient to allow them to purchase houses in the larger towns and cities. That is a matter about which one would be concerned. As Moore McDowell pointed out in his article, at the end of the day one's income must match the price of housing and what is really important is finding a way to extend one's loan or obtain good terms in respect of a fixed loan. The most important issue is the percentage of one's income one can afford to devote to mortgage payments. Incomes have risen and that is why the article to which I refer, which concentrated on members of particular professions who were well able to buy houses in the past, is important. I would be concerned if those people could no longer afford to purchase properties. However, that is not really the issue we are discussing this evening.

I hope we will continue to have reforms. A number of changes have been made since 2001 and I hope further changes will be introduced. I also hope the difficulties young people face will be alleviated by their introduction.