26 Deputy Joanna Tuffy asked the Minister for Finance if his attention has been drawn to the fact that the private sector debt here is proportionately higher than any other country in the EU and that at the end of August 2008 Ireland collectively owed the banks €392,885,000,000, which breaks down to €95,000 for every person here; if his attention has further been drawn to the fact that 63.4% of this private debt is owed by the construction, real estate and mortgage sectors and that another 16.4% has been borrowed by financial intermediaries such as pension funds that deal in property assets; his views on whether repayments on this high level of private debt will be unsupportable in view of the speed of decline in the money supply; the interventions he proposes to make to prevent bad debts spiralling out of control; and if he will make a statement on the matter. [38834/08]

Summary

26 Deputy Joanna Tuffy asked the Minister for Finance if his attention has been drawn to the fact that the private sector debt here is proportionately higher than any other country in the EU and that at the end of August 2008 Ireland collectively owed the banks €392,885,000,000, which breaks down to €95,000 for every person here; if his attention has further been drawn to the fact that 63.4% of this private debt is owed by the construction, real estate and mortgage sectors and that another 16.4% has been borrowed by financial intermediaries such as pension funds that deal in property assets; his views on whether repayments on this high level of private debt will be unsupportable in view of the speed of decline in the money supply; the interventions he proposes to make to prevent bad debts spiralling out of control; and if he will make a statement on the matter. [38834/08]

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• Debt Levels.

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