Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

We have looked at the data and the vast majority of the 13% of businesses are large multinationals making large profits. The scheme is targeted at small and medium enterprises, most of which have greater exposure for a number of reasons. These include the fact that they are commercial ratepayers and there has been a rate revaluation in the past couple of years in pretty much every local authority, increased energy costs and increased interest rates on properties they have purchased or are leasing from landlords.

To refer again the pandemic, we cannot let the perfect be the enemy of the good. This is a good scheme which will benefit 87% of businesses at a time of difficulty. It will mean no administrative burden or forms to fill out and will provide a direct cash injection to make sure they have some respite in the first quarter of next year. It will allow local authorities to use the rates system to pay back rather than just take. This is a good news story and I look forward to seeing it supported through the finance Bill in the Houses.