Seanad debates

Wednesday, 11 November 2009

11:00 am

Photo of Paddy BurkePaddy Burke (Fine Gael)

I agree with Senator Harris's remark that the level of personal debt is very serious. Why can we not put pressure on the banks to extend mortgage terms to 50 years or 60 years? In some countries, 40-year or 45-year mortgages are offered. I do not understand why we cannot offer them here.

The Taoiseach stated the Government, when formulating the budget, will consider areas it would not normally consider. There is talk about cutting child welfare payments. This Government never learns. Today Ernst & Young is examining Irish Nationwide Building Society which will be either wound up, nationalised or taken under the wing of another financial institution. A senior accountant in Ernst & Young is being paid €3,000 per day and a junior accountant is being paid €800 per day. It is outrageous that such fees are being commanded by such companies in this day and age.

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