Seanad debates

Monday, 9 November 2009

National Asset Management Agency Bill 2009: Second Stage

 

9:00 pm

Photo of Pearse DohertyPearse Doherty (Sinn Fein)

I agreed with much of what Senator Ó Domhnaill had to say about the banks. I agree that those heading up the banks and the Financial Regulator should hang their heads in shame. However, the Government should also hang its head in shame because it fuelled the property bubble. Even Senator Ó Domhnaill, when he shared the chamber with me in Donegal County Council, called for tax incentives for developers in County Donegal at a time when 8,000 planning applications were being dealt with through the planning system in that county every year. That was the mentality of Fianna Fáil, the builders' friend - feed the property bubble, give tax breaks, the bankers will provide the money and the ordinary person will be left with massive mortgages and have to scrimp and save for the rest of his or her life to pay the money back owing to the greed fostered by that tripartite agreement.

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