New destination from Cork Airport to have economic dividend for Cork – Buttimer

Monday, 6th July 2015

  • Aer Lingus announces new route from Cork to Dusseldorf

150706 Cork Dusseldorf Anouncement - BannerThese new flights serving Dusseldorf offer a new destination from Cork Airport and will have an economic dividend for Cork City and County. This decision by Aer Lingus again underlines the obvious potential that exists for developing business at Cork Airport. The fact that it follows hot on the heels of a new route directly to London City Airport shows that airlines have confidence in both Cork Airport and our region.

The addition of an Aer Lingus flight to Dusseldorf further increases the choice of destinations on offer for passengers using Cork Airport. Already Cork Airport is the second busiest in the country offering more destinations than any airport outside of Dublin. Now that Cork Airport has a new route it reaffirms its status and demonstrates the progress that is being made in expanding the options available for both business and leisure travel.

Aer Lingus has clearly realised the potential that Cork Airport offers, recognising that it serves a region with a large population and is on the doorstep of an expanding business sector. This shows confidence by the airline in Cork Airport and in our County. Now we must ensure that this new route is marketed and promoted to ensure that it delivers for both the airline and our region.

Expanding the choice of destinations from Cork Airport is an important part of growing business and increasing passenger numbers. One aspect that needs to be addressed is the number of inbound passengers using the airport. We need to entice business people and tourists from the destinations served by Cork Airport to come to our city and county. This can only happen with a unified marketing strategy that sells Cork abroad. Fáilte Ireland and the two councils have a responsibility to fast-track their plans for developing a new marketing strategy for Cork and to ensure it is implemented as soon as possible.

 

Posted under Cork, Cork City, Economic, Tourism, Transport

European funding for Port of Cork will support local economy – Buttimer

Tuesday, 30th June 2015

  • €12.7 million for the Port of Cork from EU’s Connecting Europe Facility
  • Funding to be used for phase one of Ringaskiddy Port Redevelopment Project

AerialRingaskiddy1The Port of Cork is a crucial to our economy and this funding from Europe will ensure that it continues to serve businesses in the Cork region and support job creation for years to come. This €12.7 million will be used to part fund the first phase of the Ringaskiddy Port Redevelopment Project which was given the go-ahead by An Bord Pleanala in May.

The redevelopment of the Port of Cork will ensure that future connectivity needs are met. We need a port that facilitates business and economic expansion, the plans that are in place will deliver on this front. It will enable the Port of Cork to continue as a vital regional and national port that plays an important part in the overall European transport network.

As well as benefitting the economy the development of an expanded container terminal will also create much needed direct employment. This will create new construction jobs as this project is developed benefitting many families in Cork.

For two centuries the Port of Cork has supported our local economy and provided an economic link to the world. The future plans for the Port and this funding will help to ensure that it continues to serve our local community for many more years to come.

ENDS

Posted under Carrigaline, Cork, Cork City, Development, Economic, Transport

Parliamentary Question: Mortgage Interest Relief Extension

Question to the Minister for Finance (Mr. Michael Noonan, TD)

To ask the Minister for Finance if he will consider a further extension to the tax relief for mortgage interest scheme for persons who bought during the period 2004 to 2008, as persons who bought during this period did so at a time of very high prices and are now repaying very large mortgages, and many of these persons are in negative equity, and it would be extremely beneficial, as it would assist them in keeping up full mortgage repayments; and if he will make a statement on the matter. – Jerry Buttimer

For WRITTEN ANSWER on 12, May, 2015.

REPLY

The Deputy will be aware that mortgage interest relief has been abolished for homes purchased since 1 January 2013. Up until 2018 however, tax relief continues to be available for interest paid on all qualifying home loans taken out on or after 1 January 2004 and on or before 31 December 2012, regardless of whether the individuals concerned are first-time buyers or non-first-time buyers.

This Government is committed to helping address the particular problems faced by those that bought homes at the height of the property boom between 2004 and 2008. In this regard, in Budget 2012, I fulfilled the commitment in the Programme for Government to increase the rate of mortgage interest relief to 30 per cent for first time buyers who took out their first mortgage in that period. This was the period during which house prices peaked. This 30% rate will continue to be applicable to these first-time buyers for the remaining years that mortgage interest relief continues to be available. In the absence of this change the mortgage interest relief available would have gradually reduced to a rate of 15%.

Single individuals, married couples and civil partners that are first-time buyers, qualify for mortgage interest relief for the first seven years of their mortgage up to a maximum ceiling of €10,000 and €20,000 respectively. Thereafter relief is restricted to ceilings of €3,000 and €6,000 respectively.

The system of mortgage interest relief is designed and targeted in such a way that the relief is of greater value in the early years of a qualifying loan where the interest represents a greater proportion of the repayment.  Mortgage interest relief is of lesser value to individuals whose repayments are made up of a higher proportion of principal than interest, as would generally be the case for those who move in to the eighth and subsequent years of their loans.

Given the additional relief already available to those that purchased their homes between 2004 and 2008, over and above that available to other qualifying homeowners and given that mortgage interest relief has now lapsed in terms of new qualifying loans, I am not convinced of the merits of revisiting the provisions at this stage.

Posted under Economic, Finance, Parliamentary Questions

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