Pat Moylan (Fianna Fail)

Amendments Nos. 2 and 3 are related and may be discussed together, by agreement. Is that agreed? Agreed.

Government amendment No. 2:

In page 10, subsection (1), to delete lines 20 to 27 and substitute the following:

" "advised letting value", in relation to land valued for letting by a licensee, means the licensee's reasonable estimate, at the time of such valuation—

(a) of the amount that would be paid by a willing tenant on appropriate letting terms in an arm's length transaction after proper marketing where both parties act knowledgeably, prudently and without compulsion, or

(b) of the relevant price range within which would fall the amount that would be paid by a willing tenant on appropriate letting terms in an arm's length transaction after proper marketing where both parties act knowledgeably, prudently and without compulsion;".