Page "Charlie McCreevy" Paragraph 8

level and scale of development to be supported through the scheme, not identifying priority areas suitable for development, not providing any strategic protection for designated areas including the corridor of the River Shannon nor promoting the use of sustainable design and building materials in any new build or refurbishment project supported by the scheme.

These two measures of cutting Capital Gains Tax and providing tax incentives for property development in thinly populated rural areas have been partly responsible for the explosion in housing and commercial property speculation, which led ultimately to the collapse of the Irish banking system.