Apple tax and bank shares present ‘possibilities’ for housing, Taoiseach says

By Cillian Sherlock, PA

Income from Apple back taxes and the sale of bank shares present “real possibilities” to address housing shortages, the Taoiseach has said.

He was responding to a housing supply warning from the Central Bank that said around 52,000 new homes could be needed each year until 2050 – the number built last year was around 20,000 short of this.

Simon Harris said the report made him “more determined” to look at supporting house building.

He said there were “real and exciting” one-off opportunities for the spending of €14 billion in back taxes and interest from Apple.

Mr Harris said there were “serious constraints” in Irish water and electricity infrastructure.

Speaking on arrival for a Cabinet meeting, he added: “I have consistently said that I want to see the proceeds of the sale of bank shares put to use for the generation who suffered the most from the awful mismanagement of the country in the past.

“I think there are significant resources that could be deployed to invest in housing, water and energy as well.”

Mr Harris said Ireland was spending the second most on housing in Europe in an effort to “catch up on loss” after the economic crash.

“The report does show serious pent-up demand in terms of housing in this country. It does make me all the more determined to look at how we can further support agencies and work that we know is working.

“So one example is the Land Development Agency (LDA). I think the LDA is making a real positive difference. Can we provide that with more funding?

“So when I’ve been talking this summer around what we can do with infrastructure, what we can do with the sales in bank shares, indeed, what we can do with the Apple revenue, I think there’s real possibilities here in relation to housing.”

Tánaiste Micheál Martin said there needed to be a stronger focus on rapid methods of construction.

He said Ireland was on track to build 40,000 homes this year, adding that it was possible to increase that with sustained funding over the “next number of years”.