Mr. John McCarthy:

Our engagement with the Department of Finance as part of this exercise will be within the context of what has been laid down by the Minister for Finance. Again, going back to what he said when the review was announced, he said, "The review will be informed by the desirability of achieving relative stability, both over the short and longer terms, in LPT payments of liable persons."

Obviously one factor in arriving at an LPT liability is the valuation of the property. Obviously, the rate that is applied to that valuation is also relevant. Needless to say there are other factors at play as well. As things stand at the moment there is a power available to local authorities to either reduce or increase the LPT locally by up to 15% in either direction. What decisions are made in relation to that obviously have implications as well.