Shane Ross (Independent)

This has resulted in the creation of a false market in housing. This is far more serious than the issue I raised last week regarding the lack of financial regulation in the stock exchange and in other areas. Whereas the problems in these sectors are serious in that there may or may not be factors causing a distortion in the market, in the housing sector there is a false market being created which is leading first time buyers — the most vulnerable people in society — into believing the prices of houses are higher than the actual market price. This behaviour is illegal.

It is vital we discuss this issue as it appears there is no one who can do anything about it. There is no body with authority. The regulatory bodies, despite what Senator Coghlan said, have done nothing. It has been happening under their noses for a long period of time, yet they did nothing until the story was rumbled at the weekend by a newspaper. Now we have a situation where the National Consumer Agency has announced that it would give the auctioneers 48 hours to stop it.

Nothing is to be done about the cases that have already happened. The National Consumer Agency will not prosecute those responsible. For some reason auctioneers have been given an amnesty for the sins already committed and I see no reason why that should happen. I can only draw one conclusion which is that auctioneers are a protected species of rogue in Irish society. They are protected because they have such muscle——