Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I have one final question and it has two parts. Perhaps the witness could be relatively brief. With regard to finance, what is the environment like for getting access to finance and what is the cost of that finance? Typically, then, are the pillar banks lending? I know that it is only up to approximately 60% of a project and at 4%, 5% or 6%. Are builders and developers still paying international funds 10%, 12%, 14% or higher for money, which is then of course added straight on to the price charged of the end consumer? Could the witnesses comment on that? They have acknowledged the home building finance initiative legislation which has yet to be enacted. There will not be a cent released by the anniversary of the announcement, which is really disappointing.

My second question concerns the vacant site levy. What is the feedback from CIF members who own land and are now faced with a 3% levy in respect of 2018, as I understand it, which will be payable next year? It is payable in arrears and will then go up to 7% the following year. Is this working? Do members know where they stand? Are local authorities on top of this and is the information being made available?