Paudie Coffey (Fine Gael)

The messages, language and actions of leadership in this country and the messages the public is receiving are very important. Regarding the banking sector, when we see Mr. Boucher accepting the massive increase in his pension entitlements, which is an entitlement according to this contract, it sends the wrong message to the public and to those under serious pressure paying their monthly mortgage and trying to keep their homes protected. We need to hear from the Government why it is allowing this because there are mechanisms to stop it. We should exercise whatever powers are available to us as a political class to ensure the excessive increases are not happening across the banking sector which has been bailed out by the taxpayer. More specifically, Members called for a debate on banking. We need to have a debate on home mortgages and home protection. Numerous Senators spoke about this. With the latest increases in mortgage repayments, a new raft of people are coming under pressure. Every time mortgage interest increases, more people come under serious pressure to make repayments.

Just over two years ago in this House, the Leader predicted the housing market would increase by 25% to 30% within 18 months. The Leader should tell House this prediction was wrong. We are lucky that many people did not take up the advice of the Leader, which was to buy houses.