Kerry mortgage campaigner warns that promoting home ownership is vital for economy

There are calls for the government to take immediate action on pension funds buying property solely for rental income.

Padraic Kissane, of Padraic Kissane Financial Services, has made the call as a member of the Irish Banking Culture Board, a group set up in the wake of the tracker mortgage scandal.

The Lisselton native has been credited as one of the architects in exposing the €1bn tracker mortgage scandal, which affected 40,000 people.

He says, while there are differing levels of blame to be attributed, all of the people who made decisions which contributed to the scandal are no longer in situ.

Mr Kissane adds, however, there are worrying developments in the property sector that could inhibit people’s attempt to own their homes.