Enda Kenny (Mayo, Fine Gael) | Oireachtas source

There are exemptions for newly constructed but unsold residential properties and they correspond to exemptions from the household charge where ownership is vested in a public body; where a principal private residence is unoccupied by reason of long-term mental or physical infirmity; a mobile home, vehicle or vessels; and property fully subject to commercial rates. The issue of the pyrite-afflicted homes is a concession that I am sure the Deputy welcomes even in the continued misery he puts out here every week.

As the Minister pointed out, there will be a saving to the taxpayer of €1 billion in respect of the promissory note and a requirement to borrow €20 billion less over the next ten years. That has been reflected in some recognition by rating agencies of the status of the country. It has also been reflected in the international assessment of Ireland as being an ideal location in which to invest with job opportunities resulting from that.

I repeat that the vast majority of the property tax being collected will be spent in local areas for local services for local people so they will see where their contributions go. This is not easy. We all know that thousands of people in our country are challenged but the situation this week is better than it was last week because of the agreement to the promissory note deal. If we had not arrived at that position, Deputy Boyd Barrett would be the first person spouting about the €3.1 billion that must be borrowed every March, which was the situation left behind by the party sitting in front of him.

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