"WE have ghost estates, zombie hotels, unrentable retail units and office buildings as deserted as the Marie Celeste. Meanwhile, the possible cost of the Anglo bailout soars to more than €33bn and the amount of non-performing Nama loans is revealed as 75 per cent. Madly generous property tax breaks played their part in triggering the [property price bubble and ensuing] property crash and the banking collapse. A jaw-dropping amount of State-subsidised tax bonanzas were attached to everything from multi-storey carparks, hotels and housing estates -- to holiday camps, private hospitals and holiday homes... At €7bn by 2005, the cost of various tax breaks to the Exchequer was three times bigger than income tax receipts. As much as €3bn of that may have been property related..."

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