Liam Twomey (Fine Gael)

The people feel they were sold a pup before the general election 12 months ago. We should ask why this happened. Since 1994, Ireland has had a developing economy and, upon entry to the eurozone, cheap interest drove us further forward. In respect of the construction industry, banks offered 100% mortgages with 30-year contracts. They claimed they did so to make it easier to repay loans but the reality was that people had to borrow larger amounts to purchase houses at higher prices. The Government did nothing to curb the resulting construction frenzy because it profited from it. No Minister has yet acknowledged the housing bubble that built up several years. We were building half the number of houses that were built in the UK.

The Government should acknowledge that, notwithstanding global problems and the cost of oil, bad policies have put young people in this situation. National debt may have decreased but, in terms of total debt, the people are as much in debt as they were in the 1980s. The banks made it clear when they appeared before the Joint Committee on Finance and the Public Service that they do not care about this. They feel it is business as usual and are prepared to take the losses as they occur. The plight of young people is seen as nothing more than collateral damage. The Government contributed to this.

Laid-off construction workers have told me that if they are lucky enough to find new employment, they expect pay rates of €450 per week, compared to their previous rates of between €700 and €800. If the Minister for Finance prefers, I will sit down so he can speak with his colleagues.