Tim Lombard (Fine Gael) | Oireachtas source

I welcome the new Minister of State at the Department of Finance. This is the first opportunity I have had to be in his presence since his appointment and I congratulate him on his promotion.

I acknowledge the Bill before us and Senator David Norris's input into it. It deals with an important matter that affects so many members of society. There are issues in the housing market that need to be addressed. How they are addressed will be key in how we address societal issues. For me, the key issue is the lack of supply and house building. The former Minister for Housing, Planning, Community and Local Government, Deputy Simon Coveney, and the new Minister, Deputy Eoghan Murphy, have made moves to address the key issues involved. Lack of supply is one of the key issues we must tackle in order that we will again have an active housing market. Some infrastructure has been built to open up sites, but lack of State investment in infrastructure and the need for a direct input into social housing schemes are key issues that need to be addressed in order that we can increase housing supply.

The Bill tries to deal with legacy issues. Perhaps we might put a small version of NAMA in place or ask the banking industry to deal with them. How we address them and get everyone on board will be key in solving the housing problem. Some people have struggled badly in the past few years and we need to ensure a process will be put in place to help them. There have always been people who struggled but yet managed to pay their way. We need to ensure we will bring such persons with us also. It is, therefore, a balancing act.

Trying to access credit and a credit rating are key issues in the housing market. There is an issue for people on the so-called working wage in taking out mortgages to enable them to access the market. From my point of view, the key issue is the lack of supply. We need to build more houses and open up the market. If we do so, I hope we will share the ambition of ensuring everyone will be able to own his or her home. We must ensure people will have an opportunity to invest. That is what most people want. They want to own their own home. That is an idea we should promote.There are measures that need to be looked at through the Department of Finance so that these issues can be addressed. I am sure the Minister of State, Deputy D'Arcy, will use his influence in the Department of Finance to ensure that these issues can be addressed. If we do not address them, the cycle will begin again, and the cycle - in many ways, the boom and bust - is a key issue we have now. We cannot have another boom-and-bust scenario. We have seen inflated prices in the past six to eight months, or even longer - probably the past 18 months - that we need to address. It is all about trying to get these sites open and get supply in the market. The Minister of State will have a very tough remit with these issues, but I am confident he can deal with them.