‘Among The Most Damning Assessments I’ve Ever Read’


From top: Social Democrats co-leader Catherine Murphy; Gillen Markets

This afternoon.

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…

Taoiseach accused of ‘sitting on his hands’ as rents spiral out of control (Belfast Telegraph)


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21 thoughts on “‘Among The Most Damning Assessments I’ve Ever Read’

  1. GiggidyGoo

    ‘But but but … we’re building 50,000 social housing units over the next 5 years’ etc. etc. Love, Michilin

    1. Zaccone

      Her, and the older wing of the SocDems, are excellent. Really valuable to have in the Dail. They do a lot of investigative work, and draw attention to issues that nobody else seems to.

      Its a shame the younger wing of the SocDems, like Gary Gannon, are such SJW nutjobs. Once Murphy & Shorthall retire the party is in big trouble.

      1. V aka Frilly Keane

        I dunno
        One of the best newcomers into our Oireachtas last February
        IMO anyway
        Is Cian O’Callaghan

        I reckon they could easily build a party around him in the next few years

        1. Zaccone

          O’Callaghan’s unlikely to keep his seat after the next election if SF run a second candidate in Dublin Bay North (which they definitely will).

          1. millie bobby brownie

            It’s a pity, because I agree with V ré Cian O’Callaghan. He’s a good asset to SocDems.

      2. Lilly

        Agree. It’s disappointing that Murphy and Shortall haven’t been able to attract better people and really build a viable alternative to the same ole same ole.

  2. V aka Frilly Keane

    Tweeted this earlier

    but anyway

    The last fortnight or so
    seems to have given birth to 000s of housing experts

    and d’ye know who the real experts and experience with housing is
    The Local Authorities
    and they are already there, waiting,
    waiting to be enabled and funded to do their jobs

    Ringfence HAP – start to allocate the total fund between the Local Authorities
    based on current need
    then over the next few years, allocate their allowence for the next fiscal year based on their performance and delivery of units to meet budget/ target
    the HSE do a thing called CaseMix between certain groups
    Like say the three Dublin Maternities

    Value and Enable the Local Housing Depts, and their colleagues in the Planning Department, they are the only experts capable of managing this Housing Crisis
    They know exactly what housing is required within their own lists and needs.
    So instead of making decisions on a National Level,
    Just use the National Total Budget and allocate it per Local Dept requirements, requests & submissions

    FFS, we are not reinventing the wheel
    Local Authorities are already there and tipping away with what they’ve been left with
    Reboot them

  3. eamonn

    I can’t help thinking that this govt, the previous confidence and supply set up and successive governments back to Enda K / Mick Noonan et al would see this assessment of their housing policies as a golden star on their homework. I hope the Greens wake up to what they are propping up sooner or later….

    Fair Play to Catherine for putting it in front of all of us.

    1. Dr.Fart

      Sleepy Eamo has want he wants. A bit of power. He’s not too bothered what FF/FG do or do not do, he’s gotten his.

  4. Diddy

    Wouldn’t a September election be a hoot. We could really use some entertainment after Covid settles down

  5. K. Cavan

    As long as Local Government are involved in the Social Housing scam, it will not have any significant impact on house prices or rents, they are an immovable roadblock of incompetence & lunacy. Reform of the insanely generous tax regime for cuckoo funds is the only hope, so, higher rents forever, then.

  6. LuvinLunch

    Did anyone hear Conor Skehan on Brendan O’Connor at the weekend? He says there is no crisis. The market is merely maturing to be more like housing markets in Germany, New York etc. Except with none of the protections. I don’t know why RTE give him a platform.

  7. Bebe

    I remember Catherine Murphy with Michael Noonan on siteserv and questions left hanging in Dáil with a suggestion she didn’t understand it. I was furious at the time.

    Both FG and FF for decades were more than happy to leave housing to the market which has priced the youth and middle aged out with no opportunity to own their home and lack of security in rental market. The Government can’t say they weren’t warmed. The Greens will suffer now as seen as part of the problem it the solution. Decades of inaction on social
    Housing policy has lead to this. There’s no doubt this will hurt when they go into communities seeking votes. It’s not just young ones that will be vocal but the parents and grandparents too. Well done Catherine Murphy !

  8. Janet, dreams of an alternate universe

    Leo seems to think it’s Waterford whisperer that is putting it in the mind of people that there is a crisis …or was that a whispers sketch in itself ..

Comments are closed.

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