Michael Noonan (Limerick City, Fine Gael)
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First, there are two schemes being proposed. The retail scheme is the second of these and it applies to areas the local authorities in Waterford and Limerick will designate. It is not tied to Georgian buildings or exclusively based on Georgian buildings. It is a scheme that can apply to high streets or back streets or whatever area is designated as part of the regeneration policy for Waterford and Limerick. This particular scheme is more suited to Waterford at this time than tying it to the rejuvenation of Georgian buildings, as it has significant historic buildings which might date from other periods.

The second issue concerns the people who want to live in the city and buy a non-Georgian building and do it up. We envisage significant increased costs for someone who is refurbishing a Georgian building, because of the considerations the Chairman mentioned in this debate. One might buy a house next door to a Georgian house, which is modern and built on a vacant site where a Georgian building came down, and get planning permission and start work using traditional methods, but the costs are way lower. However, the cost of the refurbishment of a building under the scheme will be quite restrictive. That is why I am saying I do not know whether this will work. I am not sure whether the restrictions may put the scheme out of reach or whether the benefits will be sufficient.

With regard to the problems with Europe, the problem is state aid. The debate we had on the seed capital scheme to replace the business expansion scheme took a year to get over the line in Europe. If we go to Europe with any scheme that may be deemed to distort the market by providing incentives in one place and not in another, unless we can justify it on other grounds, such as regeneration of the two poorest city centres in the country or the cultural dimension, we will not get it over the line.