Mick Wallace (Wexford, Independent) | Oireachtas source

I disagree with that. Buying development land with hard cash is unusual. It does not really happen. Most sites that are bought for land-banking will be mortgaged. This legislation gives them a way out by saying they only have to pay half of the levy if there is a 50% mortgage on it, or three quarters if 75% of it is mortgaged. That is a ridiculous idea. All this stuff is mortgaged to the hilt. No one in their right mind would buy a site with cash.