Seanad Report:Financial institutions which had brought in 100 per cent mortgages were to blame for much of the increase in house prices, Minister of State Noel Ahern told the House.
"I was crying in the wilderness all last summer and autumn, complaining about that, because there was basically too much credit in the market; and credit by definition is inflationary."
Mr Ahern was glad to see the Central Bank, the Financial Regulator and other people "have come on board now when they have evidence of it. They would not move on it last year because they were looking for evidence - not my hunch or my feeling. But that move by those financial institutions was the cause of the latest burst or spurt in house prices, and I don't think they were doing anybody any service by it."
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A land and conveyancing Bill to be introduced in the Seanad soon would sweep away many centuries of "accretion of law", going back in some cases to the 13th century, Minister for Justice Michael McDowell said.
After the passing of the Registration of Deeds and Title Bill 2004, he said the new property registration authority which was being established would have the function of controlling and managing both of our existing registries, as well as promoting the extending of registration of ownership of land, which was a key objective as we moved towards electronic conveyancing of land.
Mr McDowell said the new Bill would simplify and streamline land and conveyancing law, with a view to making it more easily comprehensible for both legal practitioners and the public, updating it in order to accommodate changing social, economic and demographic needs, including new forms of property ownership, and making the conveyancing of land easier and faster. It would be quite a radical and reforming measure.