Sir, - The late Senator Everett Dirksen remarked, when debating the US defence budget: "A billion here, a billion there, pretty soon, you're talking about real money.
Ms Laura Magahy notes (July 15th) that the £200 million expenditure on Temple Bar is comprised of three elements: £40.6 million of direct EU and Irish Exchequer funding, £60 million invested by Temple Bar Properties based on bank borrowing, and £100 million invested by the private sector in tax sheltered investments. By Irish standards, this is "real money", amounting to a direct investment by the taxpayer of about £80 million (£40 million direct, and £40 million in tax revenues foregone), or an average subvention of about £80 from every household in Ireland.
An Taisce's point is that this level of taxpayer subvention will not be available to the other designated areas - now coming on stream; collectively we can't afford to have them model themselves on Temple Bar. A much less capital intensive approach based on a detailed inventory of the existing building stock with a focus on repair and improvement, supported by the requisite skills in conservation and in design, with the emphasis on helping local enterprise, is both necessary and desirable for the future. - Yours, etc.,
Chairman,
An Taisce,
Tailors' Lane,
Back Lane,
Dublin 8.