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

I am aware of what the risks of scale are and that is why I have worked to try to measure what the scale of these REITs and IREFs are now that they have been in place for a while. I have given the Deputy some figures here, he has made a fair pushback on those and I will have a further look at that. However, we did a piece of work to look at the scale of these entities. I am also aware of the potential effects of tax policy on demand in the marketplace. I understand that. We are all painfully aware of what happened the last time credit was a catalyst to things that happened in the property market that we are all searingly aware of but I am aware that credit is not the only catalyst to incentives in the property market. I get that. As Minister for Finance, I have to act in a way that I believe is proportionate and that reflects the expectations the State has on how tax is paid. That is what I am aiming to do with the changes I have made. The Deputy believes they should go further but he acknowledges changes that have been made. I believe those changes are at the right level.