Marie Sherlock (Labour) | Oireachtas source

I thank all the witnesses for attending today and sincerely apologise for missing their contributions. The Labour Party is very much opposed to the design of this levy. We put forward an alternative proposal for a levy on the profits of concrete block suppliers. Ms Hone makes the very powerful point that there is a double penalty here for those now facing the challenge of having to rebuild their houses while dealing with this increase in the cost of construction. It beggars belief that the levy is being applied on the open market value as of the supply date.

My first question is for the SCSI. With regard to the application of the levy on the supply date, to what extent is concrete forward-purchased, particularly for big developments? Is the price hedged in any way?

Is that a feature of construction of big developments? It seems unusual that the price is at the supply date as opposed to the manufacturing date. Will the witnesses shed light on whether the price of concrete is forward-purchased in any way or set in a forward-purchase contract?