Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I am not opposed to the rejuvenation of Limerick city or any other city. It is something I would welcome and encourage and it is something we have proposed in our policy document. I have listened to the Minister's rationale and I understand one can recoup 100% over a period of ten years in respect of the investment made in a Georgian building. While a person obviously would need to have that tax liability each year, it is a seriously lucrative scheme for a person who may be thinking of buying a Georgian building. I assume, given the introduction of the scheme, that the prices of Georgian buildings have already increased in Limerick and Waterford. Why would they not? While the incentive is to get people to live in the town, there may be others who live in buildings other than Georgian ones which would probably need the same type of investment. I understood the Minister to say, however, that he would not get that across the line at European level. I think the scope of the scheme is too wide and the tax incentives are too much for the individuals.

While I have no doubt that there is a benefit to the cities, I could take the Minister to towns such as Letterkenny, where the bottom of High Street is dilapidated with old houses which would benefit greatly from such a scheme. I could also take him to Border communities. If he is ever in the north west, he should travel through Pettigo on the Border which suffered as a result of the conflict. It is appalling going through it. They are very good and proud people in Pettigo but its buildings are old and run down. I could give the Minister another example that would fit into the scheme.

The reason I say this is that it is unfair the Minister has chosen Georgian buildings in two cities. Has the Minister ever visited Tory Island, an area that should get support from the European Union? It has a number of houses which are run down and closed up. If we want a vibrant island community why not introduce such a scheme for the islands? There used to be a scheme but it was closed by the Departments of Arts, Heritage and the Gaeltacht. My concern is that the scheme applies only to the owners of Georgian buildings or somebody who goes out tomorrow and buys a Georgian building. There is an issue with the fact the Minister has allowed for the basement and first floor to be developed into a commercial unit, which could disadvantage a person who has a commercial unit in the area and who cannot get the same benefit. That one can recoup so much of the investment over a ten-year period is too much to start with on a pilot project. That is my piece on it. I am still not convinced about this scheme, particularly with regard to its scope. I am still not convinced with regard to this scheme, particularly with regard to its scope.