Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I did not hear that. I heard different views as to what can be done. It is wisest for me to say at this point that I am acutely aware of differing issues that can contribute to trends in our property market that might be different to the last property cycle we went through. I am aware of the scale of operation that is under way from some of these funds. I believe the scale of operation is lower than has been attributed to date, and that is why I want to ascertain the facts. We will be looking at the role the funds play in the property market. I am not in a position to tell the committee whether it will deal with effective tax rates for those funds. That can be worked out by looking at their accounts. On the other hand, the funds create returns and tax can and is paid on them, depending on who is receiving that return and where they are located. I want to try to get the most comprehensive analysis of this issue possible in order to see if further policy action is required. It is helpful that I can indicate that publicly this evening.