Simon Harris (Wicklow, Fine Gael) | Oireachtas source

The passage of this Bill is an important step in terms of approval for this initiative from the European Commission under state aid rules. When the pilot initiative was announced by the Minister he made it clear that it was dependent on an independent cost-benefit analysis and approval from the European Commission under state aid rules. The cost-benefit analysis has been completed recently by independent consultants Indecon, the report of which is on the Department of Finance website and concludes that the initiative is worth pursuing. This report will form the basis of the submission to the European Commission for state aid approval. Discussions will now commence with the relevant local authorities and other Government agencies to identify the deprived or neglected parts of our cities which require the type of assistance on offer. We are hopeful that this will be resolved within a matter of months.

I come from a town rather than a city but I see great benefit in the concept of this initiative in terms of regenerating run-down or neglected parts of our cities. It is a targeted initiative. The list of cities has been expanded. The priority of Government now is to obtain the required approval and get on with what needs to be done.