Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

That is a significant aspect. Fianna Fáil does not have any difficulty with the Minister trying this. In general, solutions must be bespoke, tailored and targeted. The days of widespread property tax reliefs are over and we all accept that. I ask the Minister to keep us informed on the steps to be taken from here. He referred to a cost-benefit analysis and we would like to see that. Once the Bill is enacted, the Minister will have the power to go ahead with the scheme, but I ask him to make the cost-benefit analysis available to us. Also, if the constraint of going further and targeting other specific areas - like those mentioned by Deputy Doherty or ones such as Passage West in Cork which is crying out for rejuvenation having missed the boat the last time - is European policy and what we would be likely to get over the line, we would like to hear more detail on that.

What are the requirements? There will not be widespread tax reliefs in the future, but if reliefs are properly targeted and calibrated, they can play a role in rejuvenating urban areas and returning them somewhat towards what they were some time ago, a century in some cases. I urge the Minister to bear this in mind and to keep us informed. If this works and the Minister finds a more sympathetic ear in Europe than he expects, we will all make responsible suggestions as to how the possible benefits from this could be expanded.