Apple windfall should ‘future proof’ house building investment – Fianna Fail

The Government should use the Apple back taxes windfall to “future proof” investment in house building, Micheal Martin has said.

The Tanaiste and Fianna Fail leader said the 14 billion euro should also be used for investment in Ireland’s water infrastructure and the expansion of the electricity grid.

Ireland is to receive the back taxes from Apple as a result of a landmark ruling in the European Court of Justice last week.

The judgment restored a 2016 European Commission ruling that found Ireland gave undue tax benefits to Apple, contrary to EU state aid rules.

The Tanaiste said the state could receive the money before March next year but made clear it would not factor in the upcoming budget.

Mr Martin, who said the funds could provide certainty around house building plans for the next five years, also said the official Government target of building 30,000 new homes per year is set to rise by the end of this year.

He was speaking in Killiney in Co Dublin ahead of the second day of the Fianna Fail think-in event.

“The Apple money gives us additional capacity to say to people, if we ring-fence it for housing, or a certain proportion of it to housing, we can future proof house spending for the next five years on the capital side, or at least support the necessary investment over the next decade. We could capitalise the Land Development Agency, for example,” he told RTE Radio One.

“So the issue will be: how do we give consistency and certainty that housing is the number one issue? Young people need houses. We need to build more, faster.”

Mr Martin said the Government ultimately wanted to double the house building target to 60,000 per annum.

“I mean, it was 20,000 when this government started, now it’s close to 40,000 per annum. The targets are one thing, but we need to get to 60,000,” he said.

Mr Martin also identified water and energy as other priorities when it came to spending the Apple money.

“Water is a big, big issue, it’s a big enabler of housing, but it’s stopping a lot of towns from developing more strongly and expanding more than they otherwise would,” he said.

He added: “(The Apple) money to me, and this my own perspective on it, (should be used for) – housing, water and grid.

“Expanding the grid to make sure that we have energy capacity given the new developments in wind energy and the expansion of the grid is important.”