Barry Cowen (Offaly, Fianna Fail) | Oireachtas source

I thank the Minister for his response. I welcome again the commitment of the Minister and the acknowledgement of this being a factor which has to be investigated independently, properly and authoritatively with a view to informing the market of the actual cost of construction, which heretofore nobody has been able to provide. This aspect was a major recommendation of the Committee on Housing and Homelessness. I welcome the Minister's commitment and his ongoing work to provide this.

Perhaps the Minister could inform the House when this might be first available and at what stage the reviews will take place thereafter. Will reviews be quarterly or half yearly? It is important to ascertain the impact of the amendment on, for example, a decrease of planning development levies, of certification costs and of VAT rates and a decrease in the costs of finance. It is not competitive when one has rates far in excess of what should be competitive rates of 3% 4% or 5%. We hear of mezzanine funds at 15%, 16% and 17%, within one of which the Government has a role, and that cannot continue. That is only part of the mix that will emanate from a report which will authoritatively and independently assess the costs of construction. Will the Minister indicate when it will first be available and when reviews will take place thereafter to analyse and see that costs are coming down?

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