Oireachtas Joint and Select Committees

Tuesday, 14 February 2023

Joint Oireachtas Committee on Housing, Planning and Local Government

General Scheme of the Planning and Development Bill 2022: Discussion (Resumed)

Mr. Ivan Gaine:

We are working on a submission at the moment on that point and it should be ready in ten days or so. If we look to Mr. Farrell's point about the broader picture, if we need 50,000 units a year, which I think we broadly agree we do, we need capital investment in the order of €25 billion to €30 billion. The scale of the Irish banks and the scale of the Irish State are in good shape but we need that institutional capital alongside all sorts of funds. It is back to whether we could have cost rental or we could have that. We need to have all of it. I take Deputy Ó Broin's comments on board in the round. It is that scale and that level of investment we need to stimulate and attract, and we cannot do that as Ireland on its own.

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