Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The majority of investors in IREFs are pension funds - these four or five - that have the opportunity to avail of the 20% withholding tax for the next year. The vulture funds to which Deputy Pearse Doherty refers were caught under the personal portfolio Irish real estate fund, PPIREF, changes introduced on Report Stage last year. They did not get the benefit of those because they were closely-held rather than widely-held funds.