Mr. Frank Daly:

What the Government did in last year's budget regarding the capital gains tax and mortgage interest relief, which has a limited time left in regard to stamp duty, has been helpful. When we are talking to potential international investors we would see in particular that the capital gains tax seven year holiday is part of what is influencing them to have a more positive view of the Irish property market.

Giving public advice to Government is always very tricky for a State organisation but obviously we would welcome the establishment of REITs and legislation for real estate investment trusts, which we mentioned earlier. The Minister has said the Department is looking at that.