James Bannon (Longford-Westmeath, Fine Gael)

I concluded last night on the spectre of ghost estates, which are a blight on the landscape and a reminder that the Government is out of control and lacking accountability. Many suggestions have been made regarding what should be done with these estates, as well as the politicians and developers who were driven to such excesses of greed. On a positive note, I ask the Government to consider offering an incentive to returning emigrants. Many of those who left the country in the 1980s now want to return to their places of birth. Perhaps a pilot scheme could be introduced in counties Longford, Westmeath, Roscommon and Leitrim involving stamp duty exemptions for a period of six months in order to encourage people to move from cities and towns, as opposed to the reverse.

Tax breaks for returning emigrants could also provide a much needed boost to rural economies. I am familiar with an individual who emigrated to England in the 1950s or 1960s and who returns on a weekly basis to a small cottage he purchased in my parish. Two of his family members have also returned to the parish and they now commute to London. At weekends and holidays, they spend their money in the local economy. I am sure this example is replicated in many other areas and it should be encouraged across the country. In my constituency of Longford-Westmeath, where the number of vacant housing units is larger than in other parts of the country, my proposal could result in a win-win situation for everybody.

Nobody wants to see ghost estates deteriorating to the point where the broken window theory becomes a living nightmare. If we do not do something, the graffiti and broken windows of today will become the crime and devastation of a virtual war zone tomorrow. Unless it intends to raze vacant housing units, the Government must be innovative in making good its mistakes.

Section 75(5)(a) of the Bill provides for the establishment of a compensation fund containing a minimum of €5 million by the end of a four year period. I am concerned about the undue financial burden this fund may have on some practitioners if it is not considered carefully. Given that no more than €150,000 has been paid out over the past 25 years as a result of malpractice by agents, the amount appears unduly large.

I welcome the provisions on insurance. The IAVI, which also welcomes these provisions, has pointed out that its members already comply with insurance industry standards on the control of their clients' money. While the Bill contains these and other welcome provisions, I hope the Government will take on board my party's amendments.

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