IFSC rent reliefs are likely to stay

All rent and rates reliefs at the Custom House Docks in Dublin now appear likely to be preserved.

The closing date for submission to the European Commission of possible objections to the reliefs has passed with, it is now understood, no opposition to their retention. Indeed, the Commission is believed to have received four responses in favour of retaining the reliefs - all from Irish interests.

The Commission had asked interested parties to make submissions on the reliefs by the close of business on Monday, following the disclosure that the Government had failed to reapply for permission to grant double rent and rates relief in the Custom House Docks area in 1993.

The Commission will be meeting the Government and the Department of Finance later this month to discuss the specific submissions.

The Tanaiste Ms Harney has already announced that the Competition Commissioner Mr Karel Van Miert is anxious to get a final decision as soon as possible.

The Government is now hopeful that both rent and rates relief will stay for those who have already entered contracts to avail of them. This means that those projects which have been benefiting from the reliefs since 1993 and those which are currently in construction will be given the go-ahead to retain the reliefs.

The Commission has already agreed to capital allowances schemes.