Apparently, we are going to start with a current market value and then add on an expectant premium to reflect future prospects. That may sound plausible, but it’s fiction. Nobody knows what future property prices will be, when they might recover and to what extent

Rumours are rampant that our largest developers are transferring properties to spouses and relatives to circumvent “personal guarantees” being invoked to seize their lucrative personal assets

COLM McCARTHY is a wily old fox. From past involvement in the late 1980s, he learned the mechanics of Government finances. Every year an annual ritual commences in early summer. Each line department submits its proposed budgetary outline for the following year. A series of bilateral meetings then takes place with dedicated officials in the Department of Finance. This arm wrestle usually involves incremental adjustment for inflation and the occasional initiative.

Unfortunately, sufficient reality has not yet prevailed on the property sector. It seems many landlords, in refusing to negotiate rents downward, would rather have their properties vacant. This denial and refusal by property-owners is one of the greatest causes of closure.

The ultimate downgrade has been dealt by deputies themselves. The psyche of your average TD is focused on the overriding key priority to get re-elected. Sitting and speaking in the Dáil chamber or attendance at Oireachtas committees represents the poorest return on investment of their time

Your commentary on our banks is terrifying. We were aware we had toxic loans of up to €90bn, but not that the crystallised losses would be €35bn net. This hit equates to 20% of our economic annual output. Your proposals to restructure the banks are profoundly significant

Notwithstanding Gerry Adams’s place in Irish history, perhaps he is a figure from the past. His grasp of detail on economic matters here is questionable. Beyond bland clichés, policy specifics are scanty. Sinn Féin’s Dáil performance has been weak and low-profile

There is another bastion that needs to come under scrutiny – the Supreme Court This most august, overriding authority is unelected and unaccountable. Its judges are probably our most learned lawyers. However, they have handed down judgments in relation to referenda that almost render the process unmanageable

The future narrative of national politics seems foreseeable. The FF/Green government will circle the wagons and limp on in a weakened state. With each unpopular measure, the clamour for change will escalate. Eventually they will buckle on some specific issue

Our republic is just over 60 years old. As you mature through life, you reflect on your own failures, errors and shortcomings. As a nation we need to face these with honesty. We have been too trusting and deferential to those on whom we have conferred authority