Darragh O'Brien (Dublin Fingal, Fianna Fail) | Oireachtas source

My thanks to both Deputies. Deputy McAuliffe mentioned the local property tax review. The review was paused. It actually sits under the Department of Finance but it has a direct input in our area and what we are discussing. Many properties have been built since 2013 that do not actually pay any property tax. This is significant. The loss to the Exchequer is in the millions each year. Up to €32 million is lost to local government in that regard. The Minister for Finance, Deputy Donohoe, has spoken to me about this matter. Deputies might recall that prior to the budget he made a statement in the Dáil that his next priority Bill is around the exceptions to the local property tax, especially in providing for properties to be brought back in or to be brought in for the first time to pay local property tax. I see it the full review of the tax being carried out next year. It has been paused twice now for good reason, to be fair. Anyway, it needs to be reviewed. It is led by the Department of Finance. We have an input. The Minister for Finance has said that he and I will work on that legislation in partnership. He was hopeful when I last spoke to him that it would be in the coming month or two and that it would address in particular properties not paying local property tax at the moment.

Deputy Murnane O'Connor referred to regeneration and funding for our regions. As Deputies know, only this week I made a significant announcement in respect of investment under the urban regeneration and development fund for Waterford. Between my Department and the Department of Transport, the funding amounts to a €110.6 million investment between. With the support of all Government parties I believe this will be a game-changer for the south east. Balanced regional development and investing in our regions is at the heart of the programme for Government. The North Quays project in Waterford is the first real tangible measure in that regard. I believe it has the potential to be transformative, to create thousands of additional jobs and to really unlock the vast potential that is Waterford and the surrounding south Kilkenny region. I expect that later this month or in early December further announcements under the new urban regeneration and development fund will be made from the second call. The assessments are being assessed in my Department at the moment although I have not received them yet. They will come to me for decision later this month or in early December.