Seán Ardagh (Dublin South Central, Fianna Fail)

Financial Resolution No. 3 attempts to try to deal with this issue. Relief has heretofore been available on the interest on the loans used to buy the shares in these property rental companies. It is appropriate that this interest relief is disallowed. The estimated yield for 2007 in respect of this resolution is €5 million. Given the extent to which major property magnates are purchasing properties abroad, I am sure we could have lost far in excess of this sum. The Taoiseach said this is only an estimate and I suggest €5 million is a very conservative figure. I support Financial Resolutions Nos. 2 and 3.

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