Seán Fleming (Laois-Offaly, Fianna Fail)

Will the Minister provide us with clarification and additional information on this proposal? The information provided is sketchy with regard to the figure of €64 million. Perhaps the Minister might be able to answer a few questions. I respectfully state that if the answers are not available, we will want them by way of replies to parliamentary questions in the near future.

How much of the projected land bank is under NAMA's control? It is the biggest landholder in the country which has loans within its jurisdiction. It is important to know whether this request is coming from NAMA to help release tied-up properties and earn cash. By definition, it must have a big stake in this issue. Therefore, we would like to know who initiated this proposal.

Given that this measure will generate sales of property, will there be a VAT gain on the transactions? How much extra VAT might be generated from them? While stamp duty levels may be reduced, there may be a gain in VAT for the Exchequer. I presume this applies to new buildings as well as to those already in use, including hotels and other commercial properties.

I particularly welcome one aspect of this measure, coming as I do from the rural constituency of Laois-Offaly. The reduction in stamp duty applies to farmland which will help the transfer of land from the older generation to the younger generation. My parish has only three full-time farmers under the age of 40 years. Everyone involved in farming must earn other income and this significant reduction in stamp duty on farming transactions will be a big help in allowing the older generation to transfer land.

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