Losses in personal wealth
Senator Hayden raises Irish households’ exceptional losses of savings and pension value and asks about a company’s approach concerning assets acquired cheaply.
I wish to make a brief reference to a recent European Central Bank report which stated that between 2009 and 2013 Irish people lost more of their personal wealth than the people of any other eurozone country. Many of those who lost their personal wealth lost the bulk of their savings and the value of their pensions. It has come to my attention recently that an approach was made, as I understand it, to the Minister for Finance by a particular company which acquired assets at the bottom of the market. These are assets the people have bought and paid for and which they and their children will be paying for for decades to come. It is unacceptable that companies that have acquired assets at below market rates are influencing Government policy when it comes to housing. At the end of the day, those who are important are the people of Ireland who need a roofs over their heads and the homes in which they live. I ask the Leader to arrange a broader debate on the issue of housing, who has acquired it, what has happened with NAMA and all of the vulture funds that have acquired Irish assets cheaply and below market values because, as I said, it is the people who will pay for this for decades to come. This Parliament and former Governments will have to answer to the people for how we managed the value of Irish assets during the financial crisis.
One other debate I seek is on the under 26s who, as I said on the night of the budget, did not see, unlike other groups, the restoration of some of their rights, particularly when it comes to payments. I call for a broader discussion on youth policy in the context of payments to young people, the system of support in terms of third level education grants and the wider issues affecting young people in society.