Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

This was an entirely different incentive. This incentive was to enhance the possibility that people with a lot of capital would buy vacant properties and underused properties in Ireland. It wasn't for building; it was for purchase. And it was when nobody was buying anything and there was properties all over Dublin, either not used or underused. So, it was a tax incentive to purchase, to create a property market when we had none. It's easy to be wise now and talk about it and all. I wouldn't do it now; that's why it was time-bound and that's why we discontinued it, but it did work.

On the other hand, the domestic residential property is a different issue. And you'll recall that two years back, I brought in a property ... an incentive for people who would build extensions to improve their own homes. And that's a tax break on income tax and that has generated about €400 million of activity. And, in parallel, the Minister for the Environment has brought in a very strong package on social housing and provided money to all the local authorities to do exactly what you advise. And I understand he's in the final stages of designing a further residential housing package, which he will publish in the near future.