THE DEVELOPERS WHOSE “excess and hubris” partly led to the financial crisis should no longer be considered “social pariahs” according to a junior minister for finance.
Brian Hayes was speaking at the annual conference for the Chartered Accountants of Ireland yesterday when he said that “despite the excesses and hubris of some developers,” we should not see them “as social pariahs suffering from some horrible disease,” adding:
Indeed a little mojo from some developers might be welcome.
In his speech Hayes said that the current government sees the Irish property market as an important part of the economy referring to the Irish love affair with the property market, an affair “that no longer dares speak its name”.
He said that the government wanted to get the property market in Ireland functioning again, adding:
We do want to see a well functioning commercial and residential property market based on realistic values and sustainable practices.
In his speech Hayes also hit out at the European Central Bank (ECB) for its lax approach prior to the financial crisis that eventually led to the problems in Ireland and elsewhere.
He said that Ireland would not allow itself to be bullied over its bailout dealings in the coming years.
In his speech he also reiterated the government’s commitment to maintain the country’s low corporation tax rate of 12.5 per cent.
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