Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The data that we have, which we shared with the Deputy, points to about 1,200 properties being purchased where the 10% stamp duty was paid. The Deputy is seeking a change in the rate of stamp duty to, I think, a minimum of 17%. It is reasonable for me to point out that we have just come through a lengthy Finance Bill process and the Deputy, as the lead Opposition spokesperson, did not raise the issue. I am entitled to make that point.

I am also entitled to make the point that of the 1,200 properties in question, we know that about one third are second-hand and it is very likely, and we will dig into this further, that there were institutional investors on both sides of those transactions - selling and buying. We also have confirmed that, at least in some instances, the end use of the properties concerned was for public and social housing. In addition, the end use in certain instances was for international protection applicants. We know that for a fact as well. I do not make taxation changes on the hoof. We are dealing here with taxation in property. We all know that we want to increase the supply of homes of all kinds in our economy in the period ahead. Institution capital has a role, particularly in the forward-purchase commitments. We do not want to see institutional investors coming in and purchasing housing estates that were built for the purpose of first-time buyers or second- or third-time buyers. We do not want to see that. I think that the Deputy will accept the Government's intent in relation to that issue. I will continue to dig through the detail and identify-----