Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I thank all the Deputies who spoke in support of the motion. I appreciate their contributions and I note the amendments that are before the Dáil as well. We have a long track record on this. We have been proposing amendments to the finance Bill for many years before this ever became a public issue. Our motion before the House today calls for at least 17%. That number has been looked at because, from an earlier analysis in terms of return investment, we believe anything less than that would mean that it would be absorbed by the vulture funds. Obviously a number higher than that is still consistent with our motion. I agree with what other speakers have said. The intention here is actually to ensure that a vulture fund does not buy up another house from under the noses of potential first-time buyers or other buyers. That is what we are talking about and what we have been raising for many years, proposing amendments to and solutions in the finance Bill. When the legislation came forward I gave my analysis that this would not work and I have been proven correct. We can see from the figures that were released to me today that the 10% stamp duty has not deterred vulture funds from snapping up these properties. The Minister's own contribution was desperate, it was diabolical.

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