From top: Social Democrats co-leader Catherine Murphy; Gillen Markets
During Leader’s Questions, Social Democrats co-leader Catherine Murphy quoted to Taoiseach Micheal Martin directly from a note sent by Dublin-based financial advisory firm, Gillen Markets, to their investors.
She told the Dail:
“It said, and I quote: ‘The current high level of house prices and rents in Ireland’s residential property market have been driven in a significant way by the Government’s housing policy with favourable policies attracting institutional investors, such as Ires Reit, into the market.
“‘Their gradual move into the market has contributed to higher housing prices and, thus, higher rents.’”
“It continues: ‘Overall, the current housing policy has benefited both institutions and developers at the expense of individual buyers.
“‘The potential risk for institutions such as Ires comes from a potential change in Government policy.’”
Ms Murphy added:
“Now, Taoiseach, Gillen Markets’ assessment of your Government’s housing policy is among the most damning I’ve ever read, even if it wasn’t intended to be. And, your Government knew all about it.”
In June last, The Times Ireland Edition, published a lengthy article about it and, like any good journalists, they called the Department of Housing to get their reaction. So, Taoiseach, don’t say you weren’t warned – the warning came from the vulture’s mouth.
When firms like Gillen Markets give cuckoo funds warnings about risk, what they tell them is their biggest threat in this country is a wholesale change in government policy to an interventionist approach that boosts affordability.
…The key reason the Government decided to act was that you know the game is up. Mullen Park was only the catalyst – you know this will not be tolerated by those trapped in this situation any longer…