Pearse Doherty (Donegal, Sinn Fein)
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My similar proposal was ruled out of order. Under it, this section would not have commenced until such a study had been undertaken. Deputy McGrath's proposal is better than nothing, but it is not for us to say that we should just give this a go and introduce a tax rebate despite the fact that many of us believe it will increase house prices and most observers who have appeared before committees or made public utterances on it claim that it will increase house prices and will not address the real need. A period of 11 or 12 months in which to carry out an independent impact assessment is not required. Rather, that assessment should be done before this section takes effect. Deputy McGrath rightly stated that this should have been done already. I made the same comment earlier. The assessment should have been undertaken in the time between the scheme's announcement by the Minister, Deputy Coveney, in July and the announcement of its details on budget day. If we believe that such an independent assessment could have been done within that period, the date should not be 11 months later after damage could have already been done in terms of house prices.

I very much suggest that if the independent impact assessment suggests it is having little effect on supply outside what would have normally happened in the market but has led to an increase in house prices, even if the tap were to be turned off at that point, house prices would not come down. This should not happen. We should not wait for an independent assessment to be carried out until 30 December 2017. It should be carried out by the Department and concluded within a number of weeks. It should not take officials in the Department 11 months to carry out an independent assessment.

We should learn the lessons of the past in introducing tax rebate schemes or other property schemes. We have learned a very hard lesson. To state we will see how this goes and that in 12 months time we will have a report telling us whether it has worked is not good enough. Will the Minister address the reason the assessment could not be made prior to the end of the year? If the result of the independent evaluation is that it is worth the risk, obviously the scheme should be reviewed, as any scheme would be, after one year when there would be more data available. The assessment that should have been made prior to the scheme being announced needs to be carried out now and the outcome published before the end of the year.