I thank Deputy Nash for raising this issue, which he has raised on a number of occasions. As the Deputy and the House are aware, the living city initiative is a targeted measure aimed at specific areas in need of regeneration. It offers either income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located in what we call special regeneration areas, currently in Cork, Dublin, Galway, Kilkenny, Limerick and Waterford. Budget 2026 announced a number of enhancements to the living city initiative to strengthen the scheme, including extending it to the end of 2030 and that it will be available to residential properties built before 1975 instead of 1915. Also, if work is carried out by an enterprise, the maximum relief available will be increased from €200,000 to €300,000. It was also announced, to get to the nub of the Deputy’s question, that the scheme would be extended to five regional centres, as set out in the national planning framework, namely, Athlone, Drogheda, Dundalk, Letterkenny and Sligo. The cities and towns in which the special regeneration areas may be located are not specified in primary legislation. Instead, the existing areas were designated following consultation with the relevant city councils and an independent review by a third-party adviser. We are repeating that process for the new areas. I am pleased to say my Department has very recently received the draft special regeneration area maps for each of the five towns from the relevant local authorities. I acknowledge the speed at which the local authorities moved, which is really important. An independent review of the draft maps will now be undertaken to ensure the maps' consistency with the criteria for the special regeneration area. My officials are currently working on appointing an expert for that review. Upon the satisfactory conclusion of that review, it will fall to me to designate the special regeneration areas by an order. I anticipate that the areas will be designated by the end of March. It will then be a matter for the local authorities to implement the scheme. My expectation, based on engagement, is that all of the new special regeneration areas will be open by June at the latest. I look forward to keeping the Deputy up to date on that.
Sentiment score: 0.31
I agree and I want to pick up on that point around the local authorities. Although I am quick enough to criticise various local authorities on various occasions, I want to acknowledge the speed at which Louth County Council and the councils for the other three areas moved. That shows, as Deputy Nash said, the scourge that dereliction and vacancy are, and in a housing emergency. We are all aligned on the need for this and I am pleased that we should be in a position to designate the special regeneration areas by the end of March and get these schemes open for applications, I hope, by June. That point about the low uptake of the existing scheme is fair. Some of it is related to publicising the scheme and getting the word out there. I will certainly reflect on how we can do more of that with the local authorities. In regard to some of the changes we have made around the over-the-shop criteria, 1915 was probably too restrictive and we are moving it to 1975. We are also providing the certainty that it will be in place until 2030 and, coupled with the five additional towns, I hope it will make a real difference. We will obviously all need to monitor this. I know the Deputy's county is the only one that has two towns in the scheme, Drogheda and Dundalk. I have been in Drogheda and I know the challenge of dereliction. I think this will make a big difference.
Sentiment score: 0.12
The Deputy is right that the living cities initiative is just one tool. That is fair. The derelict sites tax will be another. It is my intention to update the Government in March on the policy direction in relation to that. We are working closely on it. There are meetings, at least weekly, between my Department, the Department of housing at official level. It is, as the Deputy knows, my intention to legislate for that tax in the next budget. We have not decided on the rate yet but it will be no lower than the current rate. There is an argument to be had around whether it should be higher but we will return to that. I accept this is a big body of work so I am not apportioning any kind of blame or responsibility. I think Revenue will be able to do this quite quickly. The challenge will be when it is ready to be done in terms of what is dereliction and the consistent application of dereliction. When you move, as the Deputy knows, from a levy to a tax, it has to be applied formally. I am very open to having a conversation about how quickly it can be done but it will involve a lot of work on the part of the local authorities as well as Revenue. Revenue is good at collecting tax but we have to have absolute clarity on the maps, dereliction, what is a tax and how that is applied in Louth and Wicklow on a consistent basis.
Sentiment score: 0.06
I thank the Deputy for the question. As he will be aware, the standard rates of stamp duty currently applying on the acquisition of residential property are 1% on values up to €1 million, 2% on values exceeding €1 million and 6% on any balance above €1.5 million. However, in May 2021, a higher stamp duty rate was introduced with the aim of disincentivising investment funds from buying up large numbers of completed houses, usually with the intention of placing them on the rental market. The rate that initially applied was 10% but this was subsequently increased to 15% in budget 2025. The higher stamp duty rate is charged on the acquisition of individual houses, where a person acquires at least ten such properties during any 12-month period. Complementing the higher stamp duty since 2021 are section 28 guidelines for planning authorities, which aim to prevent multiple units being sold to single buyers. Revenue has provided me with the following provisional data regarding the number of residential properties subject to the higher rate and the total approximate value of those homes. In 2021, 189 properties were subject to the higher rate, with a value of €47.9 million. In 2022, 454 properties were subject to the higher rate, with a total of €177.5 million. In 2023, 675 properties were subject to the higher rate, with a total value of €266.1 million. In 2024, that fell to 396 properties, with a value of €156 million. In 2025, that reduced to 293 properties, with a total value of around €88.3 million. The provisional data, therefore, indicate that the combination of the two measures is now having the desired effect, with the number of house acquisitions subject to the higher stamp duty rate falling each between 2022 and 2025, inclusive. It is also important to state something that is not stated, namely, that the Central Statistics Office, CSO, data now show that institutional buyers are also net sellers of homes. In 2024, they sold more houses than they bought. We will continue to monitor these trends to continue to ensure the trend is downward, as it has been for the past three years, and to ensure these measures are having the desired impact. I will keep this under review on an annual basis.
Sentiment score: 0.24
That is what we do in the budget.
Sentiment score: 0.00
Here is what we actually did. The Governments I have been part of, first, introduced a higher rate of stamp duty. Second, the Government I led when I was Taoiseach and wrote that letter increased that rate of stamp duty from 10% to 15%. Each year, as a result of taking those measures, the number of homes being acquired has fallen. It fell in 2022, 2023, 2024 and 2025, and it is expected to fall in 2026. What I am now telling the House, based on CSO data, not my view of the world, is that we are now seeing these institutional buyers becoming net sellers of homes. They are now selling more homes in Ireland than they are buying. The policy effects, coupled with the planning guidelines, are having an impact. Of course, a Minister for Finance will say they will keep these issues under review because, as the Deputy knows, we review all of these measures each year in the annual budget. We moved from 10% to 15%. I think Deputy Doherty would have advocated for moving to a higher rate than the 10%. That was required and since we made that move, we have seen the positive impact, and we will continue to monitor this very closely. The broader issue in relation to housing, housing supply and this Government's commitment is something I will have to debate when I have more time on the clock.
Sentiment score: 0.07
The policy every Minister for Finance undertakes is to review all taxation measures in the context of a budget. That is what we will do this year, as we do each year. We have already shown that we have a willingness to act and to take further policy measures to make sure the intervention was having more of the required effect. The Deputy calls them "vulture funds" because that is a loaded term. We need private investment in the housing market. That is not just my view; it is the view of the Housing Commission. We need people to come into this country and invest because we also need rental properties in this country. Houses are required for the rental market. As of the last census, there were 330,000 units in the private rental sector, of which 62% were outside Dublin. We need to make sure we also have a rental supply. I have talked and the Governments I have been in – this Government and the last Government – have talked about using the taxation system to disincentivise the practice and to collect more revenue for the State where the practice was carried out. We have never suggested that there is not a role for private investment in relation to housing supply. That might be a point on which we differ but it is a point which the Housing Commission also recognises.
Sentiment score: 0.03
I thank the Deputy for this important question. There is a wide range of measures in place to protect mortgage holders through the consumer protection framework, but it is an issue on which we must always remain vigilant. I am pleased to see that arrears over 90 days are now at their lowest levels since 2009, at 3.4% of all private dwelling house accounts. We all welcome that after the horrific period people went through after the financial crash in this country. We need to remain vigilant. We have a framework that requires all regulated entities to be transparent and fair in their dealings with borrowers. It ensures that borrowers are protected from the beginning to the end of the mortgage life cycle. The same protections apply to mortgage holders regardless of the regulated entity with which they are dealing, whether it is a bank, retail credit firm or credit servicing firm. If there is any deviation from that, I would welcome examples and would point out that there may be recourse to the likes of the Financial Services and Pensions Ombudsman. All credit servicing firms are required to be authorised and supervised by the Central Bank of Ireland. They are subject to all relevant regulatory requirements and financial services legislation. These include the Central Bank of Ireland's consumer protection code and the code of conduct on mortgage arrears. The consumer protection code is the cornerstone of the Irish financial consumer protection framework. It requires regulated firms to meet minimum standards of care towards their customers and to ensure regulated firms operate to protect their customers' best interests. A revised and enhanced version of this code will come into effect next month, which will include enhanced provisions in relation to mortgage providers. For example, mortgage providers are currently required to issue a notification to customers either annually to variable-rate mortgage holders or at the maturity of fixed rates. The notification sets out a summary of alternative mortgage products available from that provider. Under the revised code, recognising the role that switching can play in an effectively functioning mortgage market, mortgage lenders will be required to include within these notifications a personalised euro savings estimate alongside each alternative mortgage refinancing option presented. Lenders will also be required to provide a specific reminder to customers concerning mortgage refinancing options. The code of conduct on mortgage arrears requires regulated firms to have a transparent process in place for dealing with borrowers in, or at risk of, mortgage arrears.
Sentiment score: 0.22
As I said at the outset, we must always remain vigilant in this area. I am putting the facts and the law on the record of the House in terms of the obligation on all regulated entities that should be consistent regardless of the entity. Of course if there are any examples - the Deputy has given me one - they should be pursued fully. While I am not getting involved in individual mortgages, I am very happy to discuss the broader issue and, indeed, any examples the Deputy wishes to give me with the Central Bank as well. The Deputy has asked what actions have been taken. We are seeing further enhancements in relation to the code coming into place next month. I am very sorry to hear about the very difficult case the Deputy has rightly highlighted this evening. We have very clear standards that are expected to be followed in relation to all mortgage holders, regardless of which bank or entity holds their mortgage. Any breaches of those standards should be pursued rigorously with the authorities. I am very happy to discuss that further with the Central Bank and pursue that example.
Sentiment score: 0.14
I genuinely do not wish to be argumentative about this because the case the Deputy highlighted is clearly one that is causing his constituent or the person who contacted him extreme pain and anguish. However, my genuine belief from my engagement with officials and with the Central Bank - this is a broader point around the enforceability of the protections that are already there - is that the protections that are there are robust and are meant to apply without fear or favour to all regulated entities. I take very seriously any entity that does not follow those standards because they are the laws of our land. They are the structures we have in place. I do not have the benefit of the information the Deputy has. While I will not get involved on an individual mortgage, I am very happy to take that as an example and discuss it directly with the Central Bank and revert to the Deputy if he wishes to send it on to me.
Sentiment score: -0.02
As the Deputy and people across the country will be aware, the Government has provided significant support to households and businesses to try to help to absorb the worst impact of rising prices on households and businesses over the last four years. Analysis from my Department confirms that lower income households gained the most from measures introduced in budget 2026. The analysis also shows that people with the lowest incomes fare the best, with gains in the bottom two cohorts of 4.9% and 3.8% respectively. The targeted nature of the package is also evident in supports provided to households with children. Over previous budgets, governments provided supports to give relief to the most vulnerable in the face of extraordinary shocks. At the same time, we avoided a scenario whereby fiscal policy would have served to add inflationary pressures in our economy. I know this is a hard thing to say when people are under pressure, but the Government can have an inflationary effect which can inadvertently make things more challenging in relation to the cost of living. That is always a balance one has to try to strike. Full employment can never be taken for granted, as it sometimes is in political debate. The budget measures were calibrated to protect jobs, maintain our competitiveness and keep our public finances safe while allowing for increased capital investment. The budget moved away from the one-off packages of previous budgets, as we said we would do, in favour of more targeted and permanent measures that will provide greater certainty to people. However, recognising that energy prices remain elevated, we extended the reduced VAT rate on gas and electricity bills until 2030. We also extended the rent tax credit and mortgage interest relief to further support households. Headline inflation averaged just over 2% in 2025. I am, of course, conscious that the rate reached around 3% in the autumn of 2025, as the Deputy alluded to. The Department is clear this increase reflected a base effect, meaning that very low figures were recorded in the same period a year earlier. Inflation is now moderating. We see this in the figures for both December and January. This reflects, in part, the unwinding of the base effects. This is in line with my Department's expectations and we expect further moderation as the year progresses. The ESRI and Central Bank published revised forecasts for inflation in December of between 2% and 2.25% for 2026.
Sentiment score: 0.22
We did take interventions in the budget to support people. In this Dáil we did not provide energy credits to anybody, but we did take a decision to bring in a range of targeted measures for those most in need. There is a legitimate debate on how best to do that and we have that debate back and forth across the floor. However, we introduced a social protection package of over €1 billion. We increased weekly payments to 1.5 million people, including our pensioners, carers and people with disabilities. These payments have been increased by more than €50 over the past number of years. We increased the domiciliary care allowance. We have the largest ever increase in the child support payment. To help working families, which we rightly talk a lot about in this House, we saw a large increase the threshold for the working family payment. We saw large increases in eligibility for fuel allowance. The minimum wage also increased. Next month, we will expand the fuel allowance for families receiving working family payment. Later this year we will introduce the largest ever increase in income disregards for carer's allowance. We will pay the carer's support grant. We are expanding the back-to-school clothing and footwear allowance for preschool children. I accept the cost-of-living challenge is real; I do not doubt that. However, I disagree and push back on the idea that we did not take actions to try to assist.
Sentiment score: 0.27
We are not in any sort of bubble. The Deputy may have his political differences with me, but the economists in the Department of Finance stand over the projections. The ESRI and the Central Bank projections, published in December are there for him to see. I have outlined, as was outlined to me, the base effect. We expect inflation to further moderate as the year goes on. The Deputy has a list of things he thinks we should have done and we also have a list of things we did. Budgets are about trying to get the balance right. Wages are also up. The State pension is also up. Carer's allowance is up. Employment is up. Inflation is falling. The number of people buying their first home is up. The number of homes being built is also up. We intend to build on that in the time ahead because this was the first budget of five. While different people will have different views, we took decisions to lower the cost base for the hospitality sector. We took the decision to try to stimulate apartment building. Let us see and we will debate that in time. I believe that is a good thing to have done; the Deputy has a different view. We also took the decision to invest significantly in public services, including an extra €618 million in disability services. The Deputy knows my views on the progress I believe we can make on personal income tax to help working families in the time ahead.
Sentiment score: 0.05