Kieran O'Donnell (Limerick East, Fine Gael)

I thank my colleagues for accepting the amendment I have tabled. The opportunity cost to the State by providing for tax designation is very little. In the current climate we must encourage private investment. This project was effectively split, with €1.7 billion from the State and €1.4 billion from private investors. The employment opportunities mean this is effectively a fiscal stimulus for Limerick besides the fact it will improve the lives of those living in the regeneration areas. This is about long-term commitment and we cannot have a situation where the Government arrives in a cavalcade and announces it will knock the area and fully rebuild it and then knocks 400 houses in areas in worse condition than before regeneration was announced. I am not denying the work done in social areas but I refer to the physical aspect. There is an employment opportunity of up to 3,000 jobs at full construction stage. Some 4,000 jobs can be created if the whole regeneration project is under way.

The Minister is avoiding one of the key elements. I take on board the point that the tax designation element will be included in the implementation phase. This was also included in the master plan. The Government fudged the issue of endorsement. The Government endorsed a vision plan but did not endorse the master plan. The master plan sets out what will happen over a ten-year period. It details the number of houses to be built and the number of projects to be completed. When will the Government approve the master plan? Will it approve it at the end of March along with the first phase in order to give certainty to people in the regeneration areas and those in the wider Limerick area that the project will come to fruition? The Government appears to operate in an all or nothing fashion. Either it throws millions at a situation or gives nothing. Why not be strategic and give a commitment that the project will be completed within ten or 15 years, while giving multiannual funding? We all know the cost of construction has reduced by approximately 35%. The Government should endorse the master plan and make it Government policy at Cabinet level. Will the Government do so at the end of March along with the first phase of the implementation plan?

The Government should consider the tax incentives. People in the regeneration areas of Moyross, St. Mary's Park, Southill, Ballinacurra Weston and the wider Limerick area will know the regeneration project has been started will be completed. People need to see the physical build. They need to see homes rebuilt and refurbished. That is up in the air at the moment and this is unacceptable. Will the Government agree to the master plan at the end of March?

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