Donie Cassidy (Fianna Fail)

Senators Twomey, O'Toole, John Paul Phelan and Ormonde made important points. Anyone who knows anything about the housing market knows of the downturn in the US and the UK, our two largest markets. In contrast with stronger states, Ireland can be looked upon as an exemplary nation where 85% of the housing stock is owned by 85% of the population. Generation after generation, what we have done is to our credit.

There is a levelling off period. Everything comes down to the ability to make repayments. It is about time for a levelling off period. As someone who, like many others, knows the pressure of making repayments in the bad old days of the 1980s when they comprised 38% to 40% of our disposable incomes, it is a wonderful time to be doing business thanks to interest rates of 4.5% and 5%. Younger Senators in particular should examine the record of the House to see what the situation was like when all sides were in power, not just the Opposition, and the problems the then Taoiseach needed to address.