Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

Last week, I raised the issue of the so-called cuckoo funds, which are basically large corporate funds in receipt of tax incentives that are buying out complete housing and apartment developments before they can go on general sale or, in the case of a development I mentioned last week, even where booking deposits have been made. The deposits in question were subsequently returned. In this morning's edition of the Irish Independent, Charlie Weston reports about Leopardstown in south County Dublin, where a development of 295 units will be sold completely to one of the funds. The Tánaiste was not entirely uncomfortable with the practice last week when he spoke about redesigning the rental market. I saw the Minister for Finance out this morning cheerleading for the funds, so it is pretty clear that Fine Gael is on the side of the cuckoos in respect of this matter.

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