Eoin Ó Broin (Dublin Mid West, Sinn Fein) | Oireachtas source

I thank everyone for their presentations. I will focus my attention on Mr. Mahon and the Society of Chartered Surveyors Ireland. Deputy Mac Lochlainn will look after the engineers when his turn comes around.

I want to put on record the enormous gratitude many of us have for the independent way the SCSI undertook that very difficult role. I know that it has to tell us that everyone very warmly welcomed it but I am sure that behind the scenes there were people quietly wishing that things were different at the time. I will not ask Mr. Mahon to comment on that.

I am particularly interested in whether the provisions of the legislation before us are fit for purpose in the context of current cost inflation. I am not asking for comment on policy matters, just the facts in terms of inflation. The scheme is set up whereby the SCSI's report from January 2022 will underpin the first set of regulations in relation to the unit cost and the ultimate cost ceiling. The Minister has made provision to review that every 12 months but the first review will be 012 months from the commencement of the Act. We understand the Act will probably be commenced in September, October or November of this year, which would mean the first review and first possible increase in those rates will be at the latter end of 2023. I know it is impossible to predict inflation but given that the Minister must also remain within a 10% cap when he or she - perhaps the Minister will be replaced - deals with the matter in the latter half of next year, how likely is it that inflation will be at or below 10% of the rate set in the report the SCSI has just done? I am asking Mr. Mahon's professional opinion on that. It is a serious question.