Joe O'Toole (Independent)

I thank the Minister for a very comprehensive response. The most important thing is that the Minister is as determined as we are to find some leverage to achieve the same conclusion. I certainly would not argue that what we are doing is better than what the Minister will come up with. Therefore, it behoves us to wait and see what the Minister brings forward. I also wondered why the figure is 5% and I think it goes back to the old legal and accountancy concept of materiality. Anything close to 10% would be considered a material amount and it would need to be less than that. I understand the figure of 5% emerged from trying to put a quantitative figure on what would be likely to be left unfinished in a house, and 5% seems a reasonable amount.

If a multi-unit development is not completed and we place responsibility on the management committee to complete it, which is the Minister's intention and I thoroughly support it, a question of quantum and money is raised in terms of how that point can be reached. I agree with the Minister's point of view and I supported the Government on the unpopular line on first-time buyers that the money was going into the builders' pockets and being added to the cost. What has changed significantly in the meantime is that it has become a buyer's market. The Minister commented on this and acknowledged that the market has changed. The problem now is that if someone adds 5% to the price it might not sell. This is completely different to how it was a couple of years ago, as the Minister acknowledged.

While the Minister made an important point on this, we must pass legislation which covers all types of situations and we cannot legislate for a constant recession or buyer's market; it would reflect badly on all of us. The Law Reform Commission conducted an investigation into this and arrived at a conclusion which was supported by engineers and architects. This was to ensure that units are finished prior to people buying and paying for them and prior to a management committee taking over the running of them. I am happy to hear the Minister wants to arrive at the same conclusion, that he is conscious of and acknowledges what has been done by the three bodies I mentioned, and is considering what he will bring back to us on Report Stage. It would be ridiculous for us not to welcome that. We look forward to hearing the outcome of that deliberation and to hearing the proposals he will bring forward. On that basis, I will not press my amendment and I thank the Minister for giving it full consideration.