Judging by Lars Frisell’s comments in Sweden on Monday, the Central Bank of Ireland is not for turning on its mortgage lending rules, in spite of pressure from various quarters.

“One thing is clear, allowing lending and prices to spiral off again is not a solution, and would be a betrayal to the next generation of Irish home buyers,” said Frisell, an adviser to Central Bank governor Philip Lane.

“Higher deposit requirements slow individual households’ entry into the property market, but for borrowers collectively they are beneficial, as they prevent us from overbidding each other with ever-increasing amounts of borrowed money.”

So don’t hold your breath of any major changes to the macroprudential rules when the Central Bank’s review of them is published in November.

In the past fortnight, Property Industry Ireland (PII) submitted its ideas on how to solve the housing crisis to both the acting Government and the parties and groupings that might have a role to play in the next administration.

PII is a broad church representing the interests of developers, estate agents, surveyors, architects, lawyers, financiers and others connected with the sector.

High on its wish list is a reduction in the VAT rate on construction to 9 per cent from 13.5 per cent for the lifetime of the next government.

It argues this would reduce the cost to buyers of a new home, making the purchase more affordable.

It also wants emergency legislation introduced for three years to fast-track housing developments through the planning process.

PII believes that local authorities and An Bord Pleanála should have no more than 16 weeks to deal with applications.

The problem with reducing the VAT rate is that the industry would invariably want it to stick forever.

A similar reduction was introduced for the hotel and hospitality trade which it now doesn’t want to let go even though the numbers of tourists visiting Ireland are at an all-time high.

Minister for housing

A lack of transparency around the pricing of houses by developers would also make me wonder if the VAT reduction would be passed on in full.

Fast-tracking planning sounds great but it is essentially a tool to bypass local objections.

Within reason, planning authorities should be able to take their time to consider applications given the long-term and sometimes irreversible impact they can have on communities.

But there is one PII proposal that should be acted upon and that’s the recommendation that a cabinet-level minister for housing, planning and infrastructure be appointed to take charge of the housing crisis.

Some 12 government departments and agencies have a role in setting and enforcing housing policy, which has led to a lack of focus and leadership.

But we actually had a minister for housing, but who can name him?

It was Fine Gael TD Paudie Coffey, who was a junior minister with no clout and who operated in the considerable shadow of the Minister for Environment Alan Kelly. Coffey lost his Dáil seat in February and is now scrambling for election to the Seanad.

It’s amazing what can be achieved by direct action from Government. Operation Freeflow was introduced in 1996 to reduce congestion in Dublin in the run-up to Christmas after then taoiseach John Bruton’s car got stuck in traffic. It worked a treat until it was scrapped in 2011.

Veronica Guerin’s murder in 1996 led to the setting up of the Criminal Assets Bureau which has done excellent work on behalf of the State.

As minister for public expenditure and reform, Brendan Howlinoversaw pay cuts for public servants via the Fempi emergency legislation, and so helped restore the public finances to good order.

The current property crisis, in its many forms, has its roots in the 2008 banking and economic crash.

But a lack of focus at government level has also played a part in creating a situation where the supply of new housing is less than half the level of demand and families are living in hotel rooms in the absence of social housing.

Nama, private developers, the banks and so-called vulture funds have been left to sort out this problem. The time has come for someone in cabinet to take charge of the mess.

Twitter: @ciaranhancock1