Robert Troy
Longford-Westmeath · Fianna Fáil · Ireland
“Only last weekend, I had the honour of representing the Taoiseach at the commemoration of those who had lost their lives at the Battle of the Somme. The presence of the deputy First Minister of Northern Ireland was a very positive development. I understand that it was the first time she was present in Dublin for that commemoration.”
“People deserve to know and understand not just the aspiration but the implication for their livelihoods, public services and future. Transparency is something I have tried to foster during my term as Minister of State in the Department of Finance. People expect it and are savvy enough to find it themselves.”
“I welcome the opportunity to contribute on this debate on the financial implications of Irish unity. It is fair to say that it is an important discussion and one that deserves to be approached with seriousness, honesty and respect.”
“If we are serious about unity - I believe we all are - we must be equally serious about preparation. That includes asking the difficult but necessary questions, including about the role of the UK in supporting any transition, whether financial contributions over a defined period would form part of any agreement and how the EU could be inv…”
“While many will view these as barriers so as to delay and misinform, we need to realise that our island has overcome its fair share of barriers in the past and we have the capacity to overcome any barriers in the future. What we should be looking at are the opportunities that a united Ireland presents.”
“It can be secured through reassurance, actions and compromise. Deputy Lahart indicated some of the compromises that may need to be considered. From a financial perspective, we need to look for clarity. Some fundamental questions need to be addressed. What would happen to public services? How would taxation be structured?”
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“I will respond to Opposition recommendations Nos. 3 and 5 to 7, inclusive, together. Recommendations Nos. 3, 5 and 6 from Senators Sarah O'Reilly and Conor Murphy effectively propose an end to the carbon tax trajectory at the rates applicable prior to the rate cuts introduced in March and April of this year. Recommendation No. 7 from Senator O'Reilly asks that the Minister for Finance examine the implications of abolishing the carbon tax, assess the estimated reduction in tax receipts that would result, and assess options to replace these tax receipts by other means. I am not sure what other means she is talking about. On 30 June, Government announced an extension of the temporary reductions to the mineral oil tax.”
“For the reasons I have outlined, I am not proposing to accept Senator Conor Murphy's recommendation, but I do propose that the Government's recommendation be accepted.”
“The Government's recommendations to the Bill are reflective of current macroeconomic and energy market situation. The restoration of the mineral oil tax rates will be done on a gradual basis, commencing on 1 September. We continue to monitor the situation closely and we reserve the right to adjust our response as required. Government measures have helped and will continue to help alleviate some, but not all, of the pressures being felt by households and businesses affected by fuel price increases as a result of the conflict in the Middle East. The cumulative total cost of mineral tax reduction measures contained in Government recommendations to section 2 of the Bill is estimated at €655 million between March and December 2026.”
“Brent crude, which is the global benchmark for oil price, currently stands at around $72 per barrel. This is down from the peak of $120 per barrel in late April and is now broadly in line with prices recorded immediately before the outbreak of the conflict in late February. In line with easing in wholesale commodity prices, retail prices for fuels have fallen in recent weeks. A further easing of retail prices should be anticipated as lower wholesale prices gradually feed through to the forecourts. Global oil prices and domestic retail prices have significantly decreased over recent weeks. The situation remains uncertain, which is why the Government is committed to continuing to support families and monitoring the situation as it evolves.”
“2 proposed by Senator Conor Murphy proposes to maintain the full reductions in the mineral oil tax rates on petrol and auto diesel until budget time and reduce the mineral oil tax rate applicable to kerosene used other than as a propellant to zero as well as reducing the rate applicable to liquefied petroleum gas used other than as a propellant. It further proposes to indefinitely set mineral oil tax rates from 14 October 2026 at the rates that were applicable when the rate cuts were introduced in March and April this year. As a Government, we have stated at the outset that we would monitor the situation closely and reserve the right to adjust our responses as required. We have consistently said - this has been proven in this legislation - that we would avoid a cliff-edge removal of supports.”
“The temporary reductions to mineral oil tax, which were due to expire on 31 July, will now be extended in full until 31 August, with a phased restoration of the mineral oil tax rates taking place between September and December in four stages. The following mineral oil tax restorations are on a VAT-inclusive basis. On 1 September, there will be a restoration of 7 cent per litre for petrol and 8 cent per litre for auto diesel. On 1 October, there will be a restoration of 8 cent litre for petrol and auto diesel. On 1 November, there will be a restoration of 5 cent per litre for petrol, 7 cent per litre of auto diesel and 2.7 cent per litre for marked gas oil or green diesel. On 1 December, there will be a final restoration of 5 cent per litre for petrol, 7 cent per litre for diesel and 2.7 cent per litre for green diesel. Recommendation No.”
“At that time, we also announced an extension of the timeframe of reduction until 31 July 2026. On 12 April, the Government announced a deferral of the planned carbon tax increase, scheduled for 1 May, until 14 October 2026. Section 2 provides for this deferral of the carbon component of the mineral oil tax increase for non-propellant kerosene, marked gas oil and other relevant fuels. On 30 June, the Government announced an extension of the temporary reduction to mineral oil tax and a graduated pathway to the restoration of these rates, as well as an extension of the National Oil Reserves Agency, NORA, levy reduction until 31 August.”
“Section 2 also provides for an extension of the temporary reduction for green diesel until 31 October, after which the mineral oil tax reduced rate for this fuel will be unwound on 1 November and there will be a final restoration on 1 December 2026. On 24 March, the Government announced a per litre VAT-inclusive reduction of 20 cent for auto diesel, 15 cent for petrol and 3 cent for green diesel. These cuts were initially legislated to be effective from 21 March to 31 May 2026. On 12 April, the Government announced a further reduction of 10 cent per litre for auto diesel and petrol and a further 2.4 cent reduction for green diesel, bringing the total reduction in mineral oil tax rates to 30 cent per litre for diesel, 25 cent per litre for petrol and 5.4 cent per litre for marked gas oil or green diesel.”
“I will speak to section 2 of the Bill and propose the Government's recommendation in respect of same. The Government's recommendation is No. 4 on the numbered list. I will address Senator Conor Murphy's recommendation No. 2, which the Government does not propose to accept this recommendation. Section 2 of the Finance Bill 2026 provides for temporary reductions to the mineral oil tax rates as set out in Schedule 2 of the Finance Act 1999, effective from 25 March 2026, and further cuts effective from 15 April 2026. By Government recommendation, section 2 further provides for an extension of these temporary reductions for petrol and auto diesel until 31 August, after which the mineral oil tax reduced rates for these fuels will be unwound on a gradual basis, with a final restoration of these rates on 1 December 2026.”
“We are now in a much better position thanks to the decisions taken at the time. I thank Senators for their support today and look forward to engaging with them further on Committee Stage and Report Stage next week.”
“One would wonder whether we would have been in position to do all of that were it not for the intervention and the correct and difficult decisions that were taken at the time. Sometimes people portray that time as if we were in isolation. There had been a global financial crash. The oldest banks in the world in America had failed. We were not alone, but we took the right decisions and because of those decisions, we are in a much better position today. NAMA has provided benefits. It transferred €4.7 billion to the Exchequer and paid €440 million in corporation tax. Land with the potential to deliver 7,000 homes and 1,366 social homes was delivered to the Land Development Agency. In the overall scheme of things, we are drawing a line under what was a difficult time in our history and in the economy.”
“The largest number of social houses on record was provided last year. We have brought in new measures, such as the affordable purchase scheme. Senator Casey strongly advocated for affordable housing in our party, and that scheme was introduced a number of years ago. The shared equity scheme was introduced to help bridge the gap and the help to buy scheme, which was introduced by the previous Government, has continued in recent years. In all of this, we recognise that more needs to be done to help people into housing, help them acquire their own house and help those who cannot acquire their own house to have access to a permanent house through the provision of social housing.”
“In addition, the Fitzgerald review provided further independent assessment of NAMA's strategy and outcome and found that NAMA's approach was appropriate. For all those reasons, we have not been in a position to accept an Teachta Doherty's amendment. Sometimes, when Sinn Féin portrays NAMA and the sale of assets, it compares today's economy with the economy at the time NAMA was set up when, in many instances, you could not give away property, let alone sell it. NAMA was set up to take the bad loans from the banks so that the banks could get back to lending and we could repair or economy. Our economy, thankfully, has been repaired and is functioning now. We have full employment and we are running budget surpluses. As a consequence, we have the resources necessary to make the interventions in housing, the area Senator O'Reilly alluded to.”
“I thank the Senators for their contributions, which were all largely in support of the Bill, recognising that winding down NAMA is the right thing to do. Sinn Féin has been co-operating by putting forward amendments. We will not accept them and we have set out the rationale for our belief that they are not necessary. Over the lifetime of NAMA, there has been continuous monitoring, overview and oversight, which is right and proper, as other Senators have said. NAMA's quarterly and annual accounts were laid before the Oireachtas and audited by the Comptroller and Auditor General. Statutory five-year reviews were conducted by the Department of Finance and the Comptroller and Auditor General has also undertaken reviews independently, the most recent of which was last month.”
“The overall approach is targeted and proportionate. It ensures that the NTMA has the tools it needs to complete the work, while maintaining clear boundaries around those powers. In conclusion, this Bill is about bringing closure to a defining chapter in the State’s economic history. It reflects the fact that the extraordinary interventions put in place during the global financial crisis have, for the most part, achieved their objectives. What remains is limited in scale but requires careful and professional management. This legislation ensures that those remaining matters can be brought to a proper conclusion in an orderly, efficient and legally robust manner. I commend the Bill to the House and look forward to engaging with Senators on its provisions.”
“Together, these provisions enable the Minister to direct that residual matters be transferred to the NTMA through a transfer arrangement and provides for the NTMA to be substituted into any related legal proceedings. It also ensures that contractual arrangements continue without disruption. Part 4 amends the NTMA Act 2014 by inserting sections 49B to 49AD into that Act. Together, these provisions equip the NTMA with the necessary functions and powers to manage these residual matters to be transferred from both NAMA and the IBRC special liquidation. These powers are carefully defined and limited. They mirror those previously available to NAMA, but only to the extent necessary to complete outstanding work. They cannot be used by the NTMA beyond that specific purpose, and I want to make that clear today.”
“It includes a range of consequential amendments to ensure the Statute Book is updated appropriately. In structural terms, the Bill is divided into four Parts and includes three Schedules. Part 1 includes sections 1 to 5, inclusive, which deal with standard preliminary matters such as commencement, interpretation and repeals. Part 2 covers sections 6 to 16, inclusive, and provides the legal framework for the dissolution of NAMA. It sets out how property, rights and liabilities transfer to the NTMA, and ensures continuity of contracts, records and ongoing legal proceedings. Importantly, it provides that any actions or proceedings involving NAMA will continue seamlessly, with the NTMA standing in its place. Part 3 deals with the IBRC special liquidation. It covers sections 17 to 20, inclusive, and amends the IBRC Act 2013.”
“While NAMA in particular became synonymous with our recovery from the financial crash and those difficult years, it is held in international regard as a positive example of how a bad bank can work. Turning to the Bill itself, the legislation has three principal objectives. First, to provide for the dissolution of NAMA and the transfer of all remaining assets and obligations to the NTMA. Second, to enable the transfer of residual matters from the IBRC special liquidation to the NTMA, or to a subsidiary of the NTMA, through a structured legal mechanism. Third, to confer on the NTMA the specific functions and powers required to manage these residual matters to completion. The Bill also makes necessary amendments to the NTMA Act 2014 and the IBRC Act 2013, and repeals the NAMA Act 2009.”
“What remains at this stage is typical of a liquidation of this scale, mainly residual litigation and associated matters which, by their nature, take time to conclude. The NTMA is well placed to assume responsibility for this final phase. Preparatory work has been undertaken in close co-ordination with NAMA, the special liquidators and the Department of Finance to ensure a smooth transition. I acknowledge the considerable contribution made by all involved, including NAMA, the NTMA and the special liquidators, in reaching this point. The professionalism, dedication and expertise shown over many years have been central to delivering these outcomes for the State.”
“Similarly, the special liquidation of IBRC represents one of the most complex liquidation exercises ever undertaken in the State. At the point of liquidation in February 2013, the institution held a loan portfolio of approximately €21 billion, involving over 15,000 borrower groups, with assets and legal issues spanning 22 jurisdictions. Over the intervening years, the special liquidators have resolved the overwhelming majority of these matters, including disposing of assets, concluding borrower relationships and managing complex cross-border matters. All unsecured creditors have been paid in full. Approximately €1.7 billion has been returned to the State, with €470 million distributed directly to the Exchequer and further distributions expected.”
“It also fully repaid €1.6 billion in subordinated debt by 2020, leaving the agency debt-free. Over its lifetime, NAMA has generated a contribution of €5.6 billion to the State. This includes €4.7 billion in cash returns, over €450 million in corporation tax, and the transfer of significant land and housing assets to the Land Development Agency. NAMA has also made a tangible contribution to housing supply. It facilitated the delivery of over 44,000 homes, including social housing. NAMA supported the regeneration of strategic areas, such as the Dublin docklands, where NAMA helped deliver over 4.2 million sq. ft of commercial space and 2,183 residential units. Today, the scale of remaining activity is minimal. The residual portfolio transferring to the NTMA is expected to be valued at less than €25 million.”
“Taken together, these provisions ensure that the State can close these complex and long-running processes in a structured manner. Before turning to the detail of the Bill, it is important to reflect briefly on the scale of what has been achieved. NAMA was established in 2009 at a time of global economic crisis. It acquired loans with a par value of €74 billion for a consideration of €31.8 billion, including €5.6 billion in state aid to the participating institutions. Since then, NAMA has worked through an extremely complex portfolio, navigating market challenges, legal issues and fluctuating economic conditions. The results have been substantial. NAMA redeemed €30.2 billion in senior debt in 2017, three years ahead of schedule, removing a significant contingent liability from the State’s balance sheet.”
“The legislation provides for the dissolution of NAMA on a day to be appointed by the Minister for Finance. On that dissolution day, all remaining assets, liabilities, rights, obligations and records of NAMA will transfer to the National Treasury Management Agency, NTMA. The Bill also provides for the transfer of residual activity from the IBRC special liquidation to the NTMA, by way of a ministerial direction and a transfer agreement between the special liquidators and the NTMA. Once that transfer has taken place, the special liquidators will be in a position to complete the final steps of the liquidation process in accordance with company law, including the dissolution of any remaining subsidiaries and the resolution of outstanding administrative and tax matters.”
“I am pleased to introduce Second Stage of the National Treasury Management Agency (Miscellaneous Provisions) Bill 2026. This Bill represents an important and, in many ways, historic milestone. It provides for the final steps in bringing to a close two of the most significant Irish responses to the global financial crisis, namely, the National Asset Management Agency, NAMA, and the special liquidation of the Irish Bank Resolution Corporation, IBRC. Both NAMA and the IBRC have now substantially finished their work. This Bill is about bringing these long-running processes to an orderly conclusion, ensuring that what remains is managed effectively and in the best interests of the State. It is also about ensuring continuity and legal certainty and the appropriate stewardship of the small number of residual matters that remain outstanding.”
“Interventions went in a targeted way to the haulage industry and the agriculture industry and to low-income families via the increase in the fuel allowance. I do not ever expect we will have agreement across all sides of the House but it would be nice to have it recognised that this was a serious intervention in financial terms that, all told, will be €1 billion. Per capita it is one of the best interventions of any country in Europe.”
“It would be great to have money to spend on every single ask not just from the Opposition but from the Government and Government Members. However, we have to ensure we have a balanced budget and that we spend within our means. Senator Joe O'Reilly made the point that if we did not have balanced budgets and budget surpluses in the last number of years we would not have been able to make the interventions we were able to make. It was because of the prudent management of the economy over a number of years that we were able to make the interventions that went towards mitigating the severity of the crisis. It did not alleviate it and no one on this side of the House is claiming it did, but it went towards mitigating it.”
“It would be wrong to simply say we can kick this on indefinitely, that there would be no cost to the Exchequer and to hell with the consequences. That would be wrong. Despite some people in the Opposition saying this was going to happen at the end of July and that nobody was listening, the Government has always maintained we would constantly monitor the situation and act accordingly and that is exactly what we are doing. We are acting in a responsible, prudent way in recognition of how international oil prices were. On there being no supports, the Government has introduced free books, introduced free school meals and extended eligibility for the back-to-school clothing and footwear allowance so it can be availed of in respect of younger children.”
“She made the point that no-one benefited. She said the ordinary person pulling up at the forecourt did not benefit from the €750 million intervention the Government made but at the same time the restoration of the excise, which is in response to the fact international oil prices are dropping and the price of fuel at the pump is dropping, is going to have a detrimental impact. The Senator is contradicting herself with that point. When you add the two initial interventions and the interventions we will be bringing to this House next week to extend the reductions to August and then gradually restore the excise over a period of four months, they will cost almost €1 billion. That is the cost to the taxpayers, the people who are working, and it is right and proper it is done in a structured way when we see how international oil prices are.”
“It was a temporary measure that was introduced in response to an international energy crisis, which was one of the worst such crises since the 1970s. I am sorry but Senator Collins cannot have it both ways. She is giving out that excise is increasing and the awful impact that is going to have on families and in the same breath she is saying we did nothing by reducing it - that no family has benefited from the reduction that was introduced. Those do not align. If people did not get a benefit on day one how is it going to harm them the second day?”
“I thank all Senators for their contributions. We can all agree on one issue, which is that there are high energy costs and we had to make interventions to ensure we could mitigate the most severe impacts of those costs. I will go back and maybe answer some of the questions that were raised. People are talking about increasing excise duty but it is a restoring of excise duty. This was a temporary measure and I suppose the unfortunate thing is when you introduce a temporary measure some members of the Opposition then begin to claim it as a permanent measure.”
“Further mitigation has been provided through non-tax support such as the four-week extension of the fuel allowance scheme, which has benefited almost 500,000 households, and targeted schemes that support farmers, agricultural contractors, fishers, hauliers and coach operators. As I said, this is a short but important Finance Bill. The Bill provides for a number of targeted tax changes and specific measures to support households and businesses. I am pleased to commend the Bill to the House.”
“Since 2019, over 257,000 home energy upgrades have been delivered thanks to Government funding of over €1.7 billion. In total, €4.2 billion of carbon tax revenue has been allocated for expenditure on just transition and climate measures since 2020. It is not possible to offset all of the increases in fuel prices that took place earlier this year using the tax system. These increases have been driven by market factors. Thankfully, these market factors have become more favourable in recent weeks. The measures which this Bill legislates for have provided significant mitigation support for households and businesses experiencing the most acute impacts of the increases in fuel prices earlier this year.”
“The latest data from the Sustainable Energy Authority of Ireland shows that we are delivering on this increased ambition. The data also shows that the retrofit sector is mobilising and responding to the growing interest in home energy upgrades underpinned by Government-funded SEAI grant support. The almost doubling of applications so far in 2026, year on year, means that the SEAI processed 29,000 applications from January to March. Among the most noteworthy increases are the more than 7,000 applications for window and door upgrades in a new grant that was introduced. There have been over 1,730 applicants for attic insulation, which is up 81% year on year; over 1,000 applicants for cavity wall insulation, which is up 62% year on year; and over 350 applicants for heat pump installations, which is up 95% year on year.”
“Accordingly, carbon tax revenues have been used to fund energy efficient upgrades in homes and communities, have supported decarbonisation across agriculture and transport and have underpinned measures such as the increases to the fuel allowance. The reason we are all here today, to discuss these energy support measures, again underscores how important it is over the longer term that we transition away from fossil fuels. The Government is committed to supporting those most vulnerable to fuel poverty in the longer term by supporting the roll-out of a national retrofit programme. In budget 2026, the Government provided a record allocation of €640 million, of which €580 million is funded by the carbon tax, thus allowing us to target 73,000 home energy upgrades this year.”
“The decision reflects the Government’s continued commitment to balancing climate ambition with the need to mitigate the impacts on households and businesses from the energy price shock. The deferral of the carbon tax increase is a significant decision. This the first instance of such a delay since its multi-annual trajectory of carbon tax increases was introduced in the Finance Act 2020 and this decision was not taken lightly. Since the introduction of carbon tax increases in the Finance Act 2020, the Government has ensured that the revenues raised are purposefully recycled to fund the just transition measures.”
“Section 2 also provides for the deferral of the planned 1 May carbon tax increase on certain mineral oil fuels, including kerosene, heating oil and marked gas oil. Sections 3 and 4 also deal with the deferral of the carbon tax increase for natural gas and solid fuels. The decision to defer the carbon tax increase was made in recognition of the sustained higher level of inflation that marked gas oil, MGO, and kerosene, in particular, faced earlier this year. Similar to the pump prices for diesel and petrol, both MGO and kerosene prices have also reduced in recent weeks with both currently around €1.20 per litre. The deferral of the carbon tax increase provides additional relief from price pressures to consumers of these fuels as well as consumers of natural gas and solid fuels.”
“On 1 September, there will be an increase of 7 cent per litre for petrol and 8 cent per litre for diesel; on 1 October, there will be an increase of 8 cent per litre for petrol and diesel; on 1 November, there will be an increase of 5 cent per litre for petrol, 7 cent per litre for diesel and 2.7 cent for green diesel; and on 1 December, there will be a final restoration of 5 cent per litre for petrol, 7 cent per litre for diesel and 2.7 cent for green diesel. Separately, the Minister for Climate, Energy and the Environment is also providing for the extension of the NORA levy reduction until 31 August. A restoration of 2 cent per litre of the NORA levy will apply on 1 September for affected fuels such as petrol, diesel, green diesel and kerosene.”
“Taking the 2 cent per litre NORA levy reduction into account this brings the total reduction to 32 cent per litre for auto diesel, 27 cent per litre for petrol and 7.4 cent per litre for green diesel. The current text of the Bill provides for these reductions to apply until 31 July 2026. As mentioned earlier, following review and monitoring of the situation, and noticing the significant reduction in global oil prices, as well as pump prices, the Government has decided to extend the fuel excise reduction until 31 August 2026. From 1 September 2026, there will be a gradual phasing out in four phases.”
“Households and other businesses benefit indirectly by virtue of reduced distribution costs. The amendment we are speaking to today provides for an increase in the repayment cap from 7.5 cent per litre to 12 cent per litre on a temporary basis. As I have referred earlier in my speech, the legislation before us currently provides for this temporary enhancement to apply for fuel purchased between 1 January and 30 June 2026. However, we will extend this to apply until the end of September when we introduce the Government's amendments next week. Section 2 provides for the current excise reductions of 30 cent per litre for auto diesel, 25 cent per litre for petrol and 5.4 cent per litre for green diesel.”
“The Finance Bill we are discussing today is the legislative basis for the tax elements of the energy support measures announced by Government to mitigate the most severe aspects of recent energy price inflation. Section 1 relates to the diesel rebate scheme. The diesel rebate scheme was introduced in 2013 to provide support for essential road users at times when the price of auto diesel was relatively high. The scheme provides qualifying road haulage and passenger transport operators with a partial repayment of mineral oil tax paid on auto diesel. In 2025, close to €39 million was paid out under the scheme, providing targeted support to the road haulage and passenger transport sectors. The diesel rebate scheme also provides support to the wider economy dependent on haulage as a distribution network.”
“The Government expects a continued reduction in wholesale energy prices to pre-war levels to ultimately be reflected through lower fuel prices at the forecourts. From a macroeconomic perspective, the Department of Finance identified three scenarios in its spring forecasts published in April; thankfully it appears that the risk of the most severe outcome is now receding. Of course, the situation remains uncertain and it is important to highlight we are very much aware of this. This is reflected in our policy approach which is providing for a cautious and gradual return to standard levels of fuel excise. I will now speak to each section of the Finance Bill.”
“The agreement that has been reached between the United States and Iran to solidify their ceasefire and reopen the Strait of Hormuz is a very welcome development. Indeed, over recent weeks there has been a significant easing in wholesale energy prices, with spot prices for Brent crude oil currently standing at around $73 a barrel. In the context of recent wholesale prices which had peaked at around $120 a barrel in late April, this is a very welcome development. In terms of prices at the forecourts, there has been a steady decline in recent weeks, with current prices now, on average, around pre-conflict levels at around €1.76 per litre for both petrol and diesel. CSO figures show a tentative easing of inflation in June, with the headline rate of annual inflation moderating slightly to 3.3% and energy prices falling by 2% in the month.”
“As we stated at the outset of our response in March, the Government is acutely aware of the impacts of energy price inflation on households and businesses. Our initial intervention was designed to provide immediate and substantive supports to households and businesses while providing time for ongoing monitoring of the situation and enabling us to adapt our response as needed. We have been agile in our response, intervening again in April to provide further temporary relief owing to the sustained impacts of the disruption in the Middle East on energy markets. We have continued this approach, actively monitoring developments and energy market activity before and since the agreement on the memorandum of understanding between the US and Iran.”
“I appreciate the opportunity to speak on the Bill on behalf of the Tánaiste and Minister for Finance. The Bill has been passed by the Dáil. It is relatively short and provides for some of the energy support measures introduced by Government in March and April to alleviate the impacts of energy price inflation owing to the disruption in the Middle East. I will start by addressing the recent Government announcement to extend certain energy support measures, some of which are included in this Bill. As the House will be aware, on 30 June the Government announced an extension of the energy support measures, including reduced excise rates and increased repayment rate under the diesel rebate scheme. Committee Stage recommendations will be brought forward in this regard next week.”
“SEAI has received over 15,000 applicants for solar PV up to the end of April 2026, and that is a 72% increase on total applications since 2025. Again, people are responding to the supports being provided by the Government. The numbers simply do not lie. I conclude by reiterating that the Government is aware that people are grappling with rising costs as the geopolitical situation continues to evolve. We will remain focused on ensuring Ireland's energy security remains robust while endeavouring to assist those experiencing real and immediate financial pressures. No Government throughout the world can fully insulate its citizens from the impact of the Middle East but we are doing better than most. We will continue to monitor the situation and to make the necessary interventions.”
“Since 2019, over 268,000 home energy upgrades have been completed, thanks to Government funding of €1.8 billion, including 36,300 fully funded under the warmer homes scheme. The Minister, Deputy O'Brien, has significantly expanded the retrofit measures, something a lot of Deputies called for earlier today, to ensure they are more accessible and affordable for households. Key measures include stand-alone window and door grants, increased heat-pump grants and increased cavity wall and attic insulation for first-time buyers and households eligible for the warmer homes scheme. In addition, a rooftop revolution is under way across Ireland. Over 112,000 homes have received solar PV grants since the scheme began.”
“This, as well as the current conflict, highlights why Ireland must reduce its reliance on imported fossil fuels, accelerate the deployment of renewables and expand interconnection with trusted European partners. We are also working to ensure that households benefit directly from the renewable energy transition. Retrofitting is one of the best measures a household can take to reduce its energy bills. For instance, a deep retrofit can reduce energy bills by up to €1,100 per year. That is a permanent saving. Applications for SEAI grants so far this year have doubled on last year. When people say people are not availing of it, they have doubled in the past year. That is 55,000 applications processed to date in 2025.”
“It is important that all of us identify that this service is there for people who need it. Many Deputies referred to the high price of energy for households. It is important to note that structural factors also impact on our energy prices. As a country, we are import-dependent for energy, making us particularly vulnerable to price volatility in the wholesale market. Our isolated island location, low levels of interconnection, widely dispersed low-density population and reliance on fossil fuels are also important price determinants. Retail prices are also influenced by factors other than wholesale prices, including supplier hedging. This is the practice of purchasing energy in bulk ahead of time, protecting consumers from the day-to-day volatility of the energy markets but also having long-run effects on retail prices.”
“I agree, however, with many of the speakers, who identified that budget 2027 needs to include taxation measures and supports for people working. We need to send a strong message out from Government that work is rewarded and recognise that people are making a contribution. That is something that we will see in budget 2007 when it is announced later this year. On energy supplies and the increases in energy costs, I would strongly encourage people who are difficulty with the cost of energy to engage with their supplier. There is a commitment by all suppliers not to disconnect any customers and to engage with them. In addition, for people who are finding it hard, there is a means-tested payment, the additional needs payment, through the Department of Social Protection for people who cannot afford to pay their energy bills.”
“The most recent supports are also coupled with supports the Government introduced in budget 2026 to help households with energy costs. These included an extension of the 9% VAT rate currently applied to gas and electricity, saving households up to €100 per year; enhanced social protection payments, including an increase in the fuel allowance rate to €38 per week and an expansion in the eligibility rules, with 40,000 additional households qualifying for it after the most recent budget; and a record allocation of €640 million for SEAI retrofit schemes, allowing us to target up to 73,000 home energy upgrades this year, including €340 million for the warmer homes scheme, which provides fully funded upgrades for those in energy poverty.”