Mr. Robert Watt:

As has been noted, we have spoken about this and the Valuation Office is aware of the position. This arises from the fact that we have not had a revaluation for so long - it has not happened since 1988 - and much has changed since. Relative values have altered and, in the likes of Waterford and Dungarvan, there has been significant change. Some sectors are benefitting but some will face a very significant increase in rates based on current policy and what is happening with the Valuation Office. These are policy questions so I must be careful about what I can say. As Deputies know, the Valuation Office is independent and we do not interfere with it. There is the question of how, once the Valuation Office does its job and we see an impact, the policy options are laid out to deal with consequences. We have spoken about this before and it is a matter for the Minister for the Environment, Community and Local Government, Deputy Hogan.

In the retail sector there will be significant change in demand. We have spoken about different options and these issues must be taken up by the relevant Minister. Whatever option is taken will have difficulties. For example, those who would benefit from a change in rates will not be happy if changes are phased in over time, although those who face the increase would be happy. There is a policy question that must consider where we are and whether there is any room to phase in the process over time or ameliorate some effects. There is also a wider policy question about the time it has taken to do this and how to ensure, in future, that we have regular revaluation. The Valuation (Amendment) Bill is working its way through the House and it stipulates that it should be done every five years, with self-assessment to speed up the process. It is very important that in future we do not have such a long gap in revaluation and sudden changes. The policy options are not great but there is a need to consider the impact on particular sectors to see if the system can formulate an option that could, over time, phase in changes.