Forever blowing bubbles on property
Published 02/02/2012 | 05:00
As far back as December 23, 2007, the Irish Independent published an article headed "Over 266,000 homes lie vacant nationwide". In a country of 4.5 million people living in two million homes, this was an astonishing figure. Fine Gael TD Brian Hayes noted at the time that this represented four years' supply and that there was a "serious issue of over-supply".
Despite this alarming information, the Government continued to provide tax breaks to developers and profligate banks, abandoning all principles of prudence and responsibility, and continued to tap wholesale markets for funds.
The regulators, ministers and government did nothing.