Jan O'Sullivan (Limerick East, Labour)

I support this amendment. From the beginning, it was envisaged in implementing the Limerick regeneration plan that half of the €1.7 billion needed over ten years would come from the private sector. However, there needs to be some incentive for the private sector to become involved in the project. All Members from Limerick will have had approaches from investors who would be interested in developing in the regeneration areas. It is to be hoped that local people in the Limerick area would also invest and develop projects in these areas. In the current economic climate, these hopes are receding rapidly unless some incentives for this to happen are provided.

As Deputy O'Donnell said, we need to know this project will be completed. It is a large project and so far we have only had the negative side of it with buildings knocked and vacated. In some cases, the areas in question are worse than they were before because no new housing stock has replaced them. Will the Minister give us an assurance that the Cabinet will give full backing to the plan with the commitment to see it through to the finish?

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