I assume the Deputy is referring to my budget speech on 7th April where I outlined the Government's decision in relation to Mortgage Interest Relief for principal private residences. While this relief has not been abolished, with effect from 1st May 2009, its availability will be restricted to the first seven years of any qualifying loan. I also stated that, as house prices fall, the provision of Mortgage Interest Relief will be kept under review with a view to eventual abolition. The Commission on Taxation are reviewing this, along with the rest of the taxation system, and I expect to receive their recommendations later this year.
Should any future decision be taken to abolish Mortgage Interest Relief, those taxpayers that already have qualifying loans will continue to have access to the relief until the 7 year limit is reached.