Mr. Gerard Brady:

It does, yes. In our view, the way we tax housing is all wrong in that we focus our tax on the purchasers of new-build housing. We pile all the tax in the housing sector on to new-build housing and we do not tax enough at the other side, which is on the existing housing stock. If we look at Ireland versus other countries, we have very low property taxes, recurring property taxes and very high taxes on new-build and new-development housing. In most countries, the things the development levies are used for here would be built using the property tax. Here, we do it the other way around, but it increases the cost of housing and makes housing less viable. Our view is that, in the long term, we would not be using development levies at all, we would be moving that funding to a recurring source spread across the whole community rather than just on new-build houses.