Brian Cowen (Laois-Offaly, Fianna Fail)

There are other schemes that will not proceed even though planning applications were put in before 31 December 2004. When an end date was suggested, many people came forward with projects that were in their back pocket for the day when they might be required. However, the hotel industry is an example where we no longer have under-capacity. Many in the construction industry who might have been interested in such projects would proceed with them in the absence of hotel management contracts that ensure the proper running of those hotels. It is not just a question of building them, but of running them profitably with a return to the investor.

Some projects will get through and will be of benefit, but for every planning application submitted, we will not see a project emanating in each case. The market will determine those that will go ahead and those that will not. In the absence of the consideration of market conditions, many of those projects that are tax-driven will not go ahead. We will try to give the Senator a more up-to-date response in due course.