The Government is preparing a plan aimed at helping savers secure better returns on their money, according to Tánaiste and Minister for Finance Simon Harris.
In an interview with RTÉ’s This Week, Mr Harris said he wants the “squeezed middle” to earn more from funds that are currently sitting on deposit, reports RTE.
He suggested this may allow individuals to receive returns on a portion of their savings without being liable for tax.
Mr Harris said a significant cohort of people feel excluded from investing opportunities, while acknowledging that all investments carry some level of risk, reports RTE.
Earlier in the week, representatives of the banking industry called on the Government to establish a domestic Savings and Investment Account (SIA) to promote long-term saving and improve household financial stability.
The Banking & Payments Federation Ireland (BPFI) said such a measure would also assist in “channel more Irish capital into productive investment”, reports RTE.
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BPFI added that ongoing EU discussions around competitiveness and the future of the Savings & Investment Union (SIU) “highlights the growing need” for Ireland to introduce its own SIA.
The representative body for the banking, payments and fintech industries noted that Irish consumers have “low levels of participation” in EU capital markets, reports RTE.
Govt looking at planning exemptions for short-term letting properties
The Tánaiste further confirmed that the Government is considering granting a planning exemption for short-term rental properties that have remained in the rental sector for seven years.
Mr Harris said it is not feasible for planners to inspect every individual property and that the objective is about “striking the right balance”, reports RTE.
He dismissed claims that the proposed measures are being “hollowed out”.
Short-term letting involves renting accommodation for periods of up to 21 nights at a time, reports RTE.
The Government is also planning to curb short-term rentals in towns with populations exceeding 20,000.
Increase amount of defence equipment
The Tánaiste additionally stated that Ireland will pursue every opportunity to strengthen its stock of defence equipment, reports RTE.
He said the State should consider borrowing under the EU’s Security Action for Europe fund, which has a €150 billion allocation to enhance defence capabilities.
Mr Harris added that Ireland cannot “convince ourselves” that it is shielded from security threats, reports RTE.
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