Terence Flanagan (Dublin North East, Independent)
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57. To ask the Minister for Finance his plans to prevent another property bubble in Dublin housing prices; and if he will make a statement on the matter. [27803/14]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will be aware that the property bubble up to 2007 was concurrent with a dramatic and unsustainable increase in mortgage lending. The recently published Construction 2020 Strategy: A Strategy for A Renewed Construction Sector sets out that mortgage lending decisions must be undertaken on a sustainable and prudential basis by financial institutions and conform fully to regulatory requirements, both in relation to the financial institution itself, and also with regard to the safeguarding of the borrower's interests.

My Department is party to a range of actions as part of the Strategy which addresses among other issues: housing supply, with a particular focus on planning issues and appropriate and sustainable development financing; transparent and sustainable mortgage lending; the application of the tax code to the construction and property sectors; as well as addressing legacy issues associated with the property bubble. The deputy will find these actions detailed in the Construction 2020 Strategy publication.

In summary, I wish to assure the Deputy that my Department continues to monitor developments in Dublin and nationally in both the purchase and rental property markets. As set out in the Government's Medium Term Economic Strategy and the Construction 2020 Strategy, the Government will continue to work on addressing remaining challenges in the property and construction sectors.