Marc MacSharry (Fianna Fail) | Oireachtas source

I support Senator Hayden's comments on the issue of the Irish Bankers Federation announcement earlier that there has been a 14% increase in property transactions. I share her concerns that this should be interpreted as a boost to the property market. Those who are sufficiently well heeled are making cash purchases and hoovering up property. With the exception of the Dublin area, people can buy property around the country at 80% less than the cost of building it.

The IBF's press release adopted a celebratory tone about mortgage approvals. I have personal experience of approvals being issued for, say, €100,000 and then being revised downwards before draw down. The banks say they are sorry but considering the impact of the recent budget or fall in market prices or some other excuse, they are only prepared to lend €80,000. The figures for draw down compared with those for approvals are much different and the reality is banks are manipulating the figures. They appear before Oireachtas committees and issue press releases to say how much they have approved or loaned but that the money was not drawn down. If somebody wants €10,000 to buy a car and the banks are only prepared to give him €7,000, the loan will not be drawn down. We need to continually hold the banks to account on this issue.

I agree wholeheartedly with Senator Norris regarding the recently formed Democracy Matters group.

The media coverage of it yesterday was certainly consistent with the Government's policy to ensure the Seanad's abolition. I refer specifically to the comment that it is a wonder that Senators have not reformed themselves. I actually called the show in question, not to go on air but to inform the researchers that if they took the time to consider the 12 reports into Seanad reform and determine who contributed most to them, they would note it was the Senators who did so. All I have known are not just enthusiasts of reform but proposers of radical reform. The systemic plan, involving the Government, the Civil Service and the media, to manipulate a scenario that ensures we do not just play the man in political terms but also express determination to dig up the pitch, as it were, does not serve democracy well. The media, if they are interested in covering this House, would do well to do so consistently and inform themselves of what does take place and of the views of the Senators, current and former, rather than pontificate according to populist demands to the listeners of a particular radio show.