Fergus O'Dowd (Louth, Fine Gael)

I am not disputing some of the points made, but that is the reality.

This is an interim measure. Senator Ó Domhnaill spoke of fairness in the case of the millionaires' property worth whatever in Dublin and the person in the bed-sit in Donegal. We will be bringing in a full property tax. This is an interim measure which will be in place probably for two years. We will be addressing all of the other issues.

We expect to raise €160 million from this charge. That is why it is happening in this way. We do not have a full property tax assessment system in place at this time. It is part of the IMF deal that we have a charge now and that is why we are doing this.