Ms Claragh Mulhern:

On the Senator's first question, the idea concerns the difference between the existing-use value of the land and the market value of the land with the benefit of zoning. Irrespective of whether land has been zoned for a long time or zoned only last week, we have to have the same starting point for everyone so as to be consistent across the board. It depends on the existing use of the land. If it is land used for agriculture, the existing-use value will reflect that. It is a matter of determining the value of the land for agricultural purposes.

The market value of the land is what would be expected to be paid on the market for it with the benefit of the zoning decision that has been taken. In the example given it would be agricultural use value versus residential development value with the benefit of zoning but not with the benefit of any specific grant of planning permission.