Maurice Cummins (Fine Gael)

In order to do that, we have started to solve the problem with our four year strategy to give us back our economic sovereignty.

On many occasions over the last few weeks, we have been taunted from the other side of the House for not keeping the promise on mortgage interest relief for people who purchased their houses between 2004 and 2008. At the very first possible opportunity, we have delivered on that promise. I listened to people on the other side of the House say that this was the reason many people voted for the Government and that we failed to honour the promise. We have now delivered on that promise and it is in a significant area. It will help those who are in mortgage difficulties. I acknowledge the comment of the leader of Fianna Fáil in the House that we have delivered on a significant area, for which he himself had been pressing over the last few months. I received calls from my own constituency in Waterford castigating me over the last few months for not honouring our pledge on mortgage relief. Thankfully, three of them telephoned me today and told me that their votes were vindicated and that they were glad that the mortgage interest relief has been delivered.

The last Leader of the House advocated that people should buy houses when the market was falling. It has fallen a lot since he gave that advice. It has fallen at least 50% since then. However, I would suggest that now is the right time for first-time buyers to buy and get into the market, following the mortgage interest relief and stamp duty changes announced by the Minister for Finance in the budget. The banks will have to play their part in that regard. They will have to provide the loans for young people who wish to purchase their own homes. Senator Sheahan made a very important point. We have people who are renting houses for €750 and €800 per month. They will now see that this is the best possible time and opportunity to get to own a house given the mortgage interest relief that the Minister announced today. I urge young people to go and purchase. This is the right time for people and the market has probably bottomed out at this stage.

The question of proposed changes to social welfare was raised.