Shane Ross (Independent)

I endorse everything said by Senators O'Toole, Brian Hayes and Ormonde about last night's edition of "Prime Time Investigates". The programme was pretty raw in that it obviously revealed an unregulated industry running riot among first-time buyers or any buyers or any of the most vulnerable people when they wish to make the largest investment of their lives. I was not surprised by the programme because, as Senator O'Toole said, we have already identified most, if not all, these problems and a few more.

The most dangerous aspect of auctioneering practices is that these people handle vast sums of money without being supervised by anybody. They take booking deposits that have no value or legal standing. As Senator O'Toole noted, this was brought to the attention of the House by us three years. It will be four years shortly. While a commission sat and made some recommendations, nothing has been done about them and I doubt anything will be done about them before the general election, despite the latest edition of "Prime Time Investigates".

I issue two words of warning. One of the problems which was not identified and which is a delicate one in respect of this House is that auctioneers have traditionally had immense political clout. This does not just apply to this House, which contains a large number of auctioneers, practising or not, but also to the other House and, especially, to county councils. Auctioneers sitting on county councils are deeply conflicted because they are involved in rezoning decisions which obviously involve their clients. This matter should have been tackled many years ago through the imposition of more stringent declarations of interest and the introduction of legislation.

We should be careful in stating that this matter merely relates to a few cowboys. There is no evidence regarding the latter assertion because very little research has been carried out in respect of this completely unregulated profession. I would not rely too much on the two quite ineffective umbrella bodies — they refer to themselves as "institutes" — which are in existence and which supposedly regulate their members. One of the whistleblowers in last night's "Prime Time" programme was a member of one of the institutes when he was practising.

The prime offence outlined on last night's programme related to mortgages being dealt with by the members of one group, namely, mortgage brokers, who where exchanging information with auctioneers. The problem in this regard is that a large number of supposedly reputable auctioneers operate, as subsidiaries, mortgage broker businesses, which, in fact, they own. If that is not a conflict of interest, I do not know what is and such practices should be outlawed.