Mr. Derek Moran:

The Minister spoke extensively on this issue on Committee Stage yesterday. The objective is to put in place something different from the exemptions in place. We will see how it works. There is a lot to be learned. We are trying to remove passive investors and end speculative development, both of which actions are to be welcomed. We are engaged in a learning process and given the nature of the scheme, we will need to seek EU approval. It will probably be late this year or early next year before we obtain it. Also, an ex ante cost benefit analysis will also have to be made in advance of implementation of this measure which will probably be a condition of approval. Therefore, we have some time to think further about this issue. We have the framework for what we are trying to achieve, but there is room to alter it.