Gerard Craughwell (Independent) | Oireachtas source

I want to address the issue of teachers as addressed by Senator Paschal Mooney. We are at a very delicate stage in negotiations between both sides which have moved a considerable distance such that not a lot divides them. I would hate anything to be said by anybody at this stage that would derail what are very sensitive negotiations. The teachers of Ireland have driven the economy to where it is. They have been willing at all times to negotiate and innovate and have helped to provide a first-class education system in Ireland. I fully support the changes to the junior cycle. I want to see more vocational programmes available to children and a resurgence in such programmes. However, we must allow the talks to reach their natural conclusion and I hope this will happen in the not too distant future.

I want to address the issue of the 20% deposit suggested by the Central Bank of Ireland. I would have no difficulty in watching that figure fall back to 10%, but most of us in this House when we purchased our first house needed substantial savings before we could take out a mortgage. The country went mad. We were offering people not just 100% but 120% mortgages. It was a case of "buy the house, buy the furniture and buy two cars while you are at it and we will stick it all on the mortgage." It was long-term borrowing for short-term purchases. That is what destroyed the country. If we are going to try to relax Central Bank of Ireland regulations, I agree with Senator Sean D. Barrett that we need a debate in this House to explore fully what the implications would be. I want to see first-time buyers of houses, but I do not want to them to be locked into crazy debts for the rest of their lives. Before we start mucking about with the macro economy - the house purchasing economy - we need to sit down and think very carefully about what we are doing. Whether we like it, there is a bubble on the east coast. I have seen houses put on the market for €390,000 sold for €480,000, which is crazy.

I appreciate that I have exceeded the time, so I will finish. I have concerns about local authorities and their funding and about local education and training boards. All of these issues are a concern, and for that reason I will support and second Senator MacSharry's call for the Minister, Deputy Kelly, to come to the House.