Denis O'Donovan (Fianna Fail) | Oireachtas source

I support Senator Daly's request to amend the Order of Business to take No. 11 on the undocumented Irish today. I rise primarily to express my concern at the decision by the Central Bank to introduce the 20% deposit rule. While it probably has some merit, its effect can be highlighted if I read an excerpt from an e-mail a lady sent me this morning. It shows that many people are concerned. The policy appears to be a knee-jerk reaction to a situation which concerns Dublin, which has approximately 25% of the population. This lady says:

After many months saving - even moving home to our parents - my husband and I wake up this morning to find the 10% deposit we have struggled to save will not be sufficient to buy our home. We have just paid a booking deposit on a house which is not ready until January and may not now be able to draw down the mortgage which has been given to us. Rules laid down by the Central Bank are implemented that very same month. I am pregnant with our first child due in two weeks' time and will now be forced to go back out to the also overheated rental market with no home security, a new baby and very little hope of saving 20% of a deposit at any time in the near future.