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

I would like to step back from the detail for a moment and ask the Minister about these REITs. He did not give much information about them on Second Stage. He said that it is hoped that REITs will facilitate the attraction of foreign investment capital to the Irish property market. What is driving this? Is it to support NAMA's efforts to sell property portfolios to foreign investors who can structure them as part of a REIT and avail of these tax exemptions? What is the economic driver for this proposal?