Mr. Seán Murphy:

It had a direct impact because the lack of broad-based funding for local authorities drove them to chase development contributions which was a one-off hit that directly contributed to our bust. All local authorities wanted to build huge shopping centres because they saw the rates coming to them, which has left us somewhat over-supplied with shops. Balance and giving a sane funding model to local authorities that gives them more control of their budgets, makes them less reliant on the Department of the Environment, Community and Local Government’s late delivery of budgets for next year and more insight into their budgets leads to a more sustainable community for business and citizens.