An auction of properties at reduced prices has been likened in the Dáil to “blood money”.

Independent TD Mattie McGrath hit out at the scheduled Allsop Space property auction in the Shelbourne Hotel this morning, which was cancelled because of a protest.

Mr McGrath, who attended the protest with Kerry Independent TDs Tom Fleming and Michael Healy-Rae, called on Tánaiste Eamon Gilmore and his advisers to "go see what's going on with ordinary people's houses, businesses, family homes" and "the misery being perpetrated by the banks".

The Tipperary South TD told the House: “I’m coming from a sad event at the Shelbourne Hotel this morning, Allsop’s auction, where 121 properties were put up for sale by an English group of auctioneers.”

He said “85 per cent of those properties this morning had no goodwill. They hadn’t a proper title in many cases either.”

The cover of the catalogue for the properties was red, he added and this was appropriate “because there is blood money - and Cromwell is back”.

Mr McGrath asked the Tánaiste whether he would deal with the code of practice “for the bankers and chancers who are creating misery for people”.

He said he could quote Charles Stewart Parnell on the issue but would not.

At the protest leaflets were handed out with a quote from Parnell: “When a man takes a farm from which another had been evicted you must shun him on the roadside when you meet him...”

Mr Gilmore said the Government “has introduced more legislation on reforming our banking system and improving regulation in the past two years than was done during the previous 14 years”.