Sinn Féin TD Louise O’Reilly has criticised Fine Gael’s ‘shameless’ revolving door with vested interests, after it emerged that the stamp duty exemption the government granted for vulture funds had been written by two former senior Fine Gael advisors who are now lobbyists for the investment sector.
The revelations were uncovered through reporting by the Business Post.
Speaking today, Teachta O’Reilly said:
“In July, the government snuck in a controversial exemption to ensure vulture funds would be exempt from a new stamp duty charge designed to stop investors snapping up homes ahead of first-time buyers.
“Across the country, people were understandably disgusted at this development. Thousands of people are shut off from owning a home and feel trapped in the rental sector where they pay sky high rents every month with little hope of ever buying a property. The housing crisis has been spiralling for decades, yet the government consistently fails to act.
“It has now been revealed that this tax cut for vulture funds had been actually written by two former Fine Gael advisors turned lobbyists who successfully lobbied Darragh O’Brien and Paschal Donohoe. This development has shown yet again the unacceptable influence of vested interests on government decisions.
“This is what the revolving door looks like. This is what Fine Gael do. This is what happens when they have been in office for far too long. They have gotten far too comfortable and they think that this is how they can do business.
“These revelations show how shameless this cosy culture of cronyism is for Fine Gael.
“Let me be absolutely clear- this is not acceptable, it is disgraceful. The government needs to stop providing favours for friends and start delivering for ordinary workers and families instead.”