Joe O'Toole (Independent)

I support Senator Twomey's recommendation which is timely and important. The points made by the Minister of State are important. I do not disagree with the fundamentals of what he has to say. However, there are two other issues to be considered. The Government is having trouble finding money for the Limerick regeneration project. There are ongoing arguments in regard to whether it is slowing it down to stop it, but I do not wish to get into the political argument on this matter. There is no doubt that the Government is experiencing difficulty finding the money for this project. Also, there is currently no private investment in that area. All that is happening in that area is being done through the regeneration project.

The proposal put forward by Senator Twomey would not result in a loss of revenue to the State. All it could do, perhaps, is make attractive to developers the benefits of investing in the area thereby creating employment and helping with the regeneration, two pluses for the Government. This proposal would not result in a loss of revenue to the State. There is no possibility of private investment in the areas under the regeneration plan. It is just not happening and will not happen as there are no incentives to encourage it.

If the Minister had argued with Senator Twomey that even if this were done it is highly unlikely anybody would take advantage of it, that would be a valid point but I cannot see where this proposal would result in any loss to the State. This is a good idea, which will result in no cost to the State. The only tax incentive that would be lost would be tax incentives which were not going to be provided in the first instance. This proposal would assist in the creation of employment and the regeneration project and would at the same time relieve the pressure on Government. I believe this proposal is worthy of a second look. It is a sensible proposal.