Request Ref. FOI/007/2016 M r Gavin Sheridan gavinsblon@ gmail.com 3 February 2016 Dear Mr Sheridan, 1 refer to the request which you have m ade under the Freedom o f Information Act 2014 for records held by this Department. Following your consultation with the FO l Unit in the Department o f Finance, I received a request for, All correspondence between New Generation/Cairn Homes and the Department (and vice versa) in 2015. As outlined in the attached schedule, I have decided to grant your request in part. Reasons for decision The relevant FOI exem ptions which apply to the records identified are set out in detail in the schedule attached to this letter. In relation to where a record is indicated as being exem pted under Section 15, the record concerned is already in the public domain. The release o f such records is exem pted under Section 15(1 )(d) o f the FOl Act 2014. In relation to where a record is indicated as being exem pted under Section 37, the record concerned contains personal information. The release o f such inform ation is exempted under Section 37(1) o f the FOI 2014 Act. In each case w here Section 37 is referenced a public interest test has been carried out, as required by the Act, and detailed in the attached schedule. Schedule o f records A schedule is attached to this letter. It shows all the records located in the Department that are considered to be relevant to your request. The schedule describes each docum ent/record, and indicates whether the record is released in full, released in part or not released. Access Arrangem ents The records are supplied in hard copy. Tithe an R ialtais Sraid M huirfean U acht Baile Atha C liath 2 E jre F6n 1Tel: 353 1 676 7571 Facs / Fax: 353 1 678 9936 G teo AitiOil / LoC all:1890 66 10 10 http://w w w .finance.gov.ie G ove rnm ent Buildings U pper M errion S treet D ublin 2 Ireland You m ay appeal this decision. Please note that a €30 fee applies for an appeal, with the exception o f an appeal against the im position o f a fee. In the event that you wish to make such an appeal, you can do so by writing to the Freedom o f Information Unit, Department o f Finance, M errion Street, Dublin 2 attaching evidence o f the appropriate fee having been paid and quoting the above reference number. Payment should be made electronically (details below). You should make your appeal within 4 weeks (20 working days) from the date o f this notification; however, the m aking o f a late appeal may be justified where there are reasonable grounds for extending that period (Sn. 21 (7)). The appeal will involve a complete reconsideration o f the matter by a more senior m em ber o f the staff o f this Department. Details to be used for electronic paym ents Name o f Bank: Danske Bank IBAN: IE35D A B A 95199040004901 B1C: DABAIE2D * Please ask for Remittance Information to be included on the payment that will help identify what the payment is for, i.e. the FOI request reference number. Yours sincerely, Department o f Finance FOI 007.2016 FOI Request: All correspondence between New Generation/Cairn Homes and the Department (and vice versa} in 2015. Record No. Brief Description & Date of Record No. of Pages Decision: Grant/ Part Grant/ Refuse Basis of Refusal Section of Act Reason for Decision 1 2015 01 08 Greg Kavanagh (New Generation Homes) to CBI email, 2nd Sec Gen cc'd. 2 2015 02 17 DoF to New Gen email re Construction Conference 2 Part Grant Section 37 Record contains personal information. 3 2015 06 11 Letter to Minister from MStanlev and cover email 2 Part Grant Section 37 Record contains personal information. 4 2015 07 27 email from G Kavanagh to 2nd Sec Gen 2 Grant 5 2015 08 28 email exchange with G Kavanagh 3 Grant 6 2015 08 07 2nd Sec Gen reply to G Kavanagh 3 Grant 1 Public Interest Consideration (if applicable) Grant 7 2015 09 30 Email exchange Mins Office and Hume Brophy OBO Cairn 3 Part Grant 8 2015 10 07 Cairn promotional materia! supplied at meeting with Minister 8 Grant 9 2015 10 07 Parkside promotional material supplied at meeting with Minister Section 37 Public Interest Test Applied. Balance lies in not releasing the information as redacting mobile telephone number does not alter the substance of the record. Public Interest Test Applied. Balance lies in not releasing the information as redacting mobile telephone number does not alter the substance of the record. Public Interest Test Applied. Balance Ires in not releasing the information as redacting mobile telephone number does not alter the substance of the record. Record contains personal information. Record is publically available via: 20 Refuse Section IS http://parksidehomes.ie/wD- contert/themes/Parkside/ParksideDesiened-For-LivinE.Ddf Signed Da V / ' ZO>(o Gavin Murphy From: Sent: To: Cc: Subject: Greg Kavanagh 08 January 2015 16:25 governor@centralbank.ie; enquiries@centralbank.ie Ann Nolan Irish Property Market and overall affects to the economy, plus potential crisis in European Bank system Dear Mr Honahan, I know I sent you a letter that was very sarcastic and smart. It was in appropriate and I apologise for sending it in that format. You may have noted and was in the interview I did in the newspaper I predicted a fall in House prices due to the uncertainty your comments created in the market. Trying not sound arrogant, but I know I am one of the best people there is in forecasting an economy and what will happen years in advance of anyone else. I would like to meet with you and your team so you can fully understand the consequences of what is going to take place. I have never begged anyone for anything, but I am prepared to do it to get an hour of your time so you know what is going to happen the economy if you implement your proposals in its current format. You actions are going to have devastating consequences to the economy. I know I am different in my approaches to understand an economy and by being different it means I get it right all the time. I would like to meet you or your team to discuss. Knowing my forecasts and what will happen it's not pretty. I agree measures need to be introduced, but not in their current format. On a separate note, As governor of the Central Bank sitting on the Board of the ECB I need you to react to a big problem the European banks need to avoid. When the property crash happened, banks are like sheep and by in large idiots. In the US and some European Banks but not as much as US banks ploughed into the oil industry. In the US there is record levels of Debt in the oil Industry, it's no different to what they did in the property market with record levels of Debt. The US banks lent the money on the understanding oil was going to be selling at a minimum price of $75 to $80 dollars a barrel. There is a stupid myth that oil prices have dropped due to US having so much oil. The real reason for oil prices dropping is OPEC 3 years ago said they would not sell oil below levels of $75-$80 dollars a barrel. Now they see so many oil companies with record levels of Bank Debt based on oil prices at $75-$80, with oil prices driven down to its current levels these companies will now be under pressure and collapse. If they succeed and starting crashing these companies OPEC will hover them up at discounts. 3 years ago they would not sell oil below $75 dollars a barrel, today they are willing to sell oil at $35 dollars a barrel. So why does this bother you and the ECB, the American Banks are now trying to off load these loans similar to the Sub-prime mortgages they sold to European Banks previously. I know they have started this process. Please speak with your ECB board and put measures in place to advise European Banks not to buy these loans. Please react to this, it's really important Can you consider the above and revert back to me Greg John Chambers From: Sent: To: Subject: ConstructconfmarchlS 17 February 2015 12:28 Hubert Fitzpatrick; paul@newgen.ie RE: Conference Dear Mr Me Donnell Thank you for your interest in attending the Construction: Financing Options Conference & Networking Event, I can confirm your place at the conference on 4 March. Kind regards Aoibhin O Malley Corporate Communications Department of Finance Government Buildings Upper Merrion Street Dublin 2 +353 1 6696306 From: Hubert Fitzpatrick [mailto:hfitzpatrick@cif.iej Sent: 17 February 2015 10:01 To: ConstructconfmarchlS Subject: FW: Conference See below for attention. Regards Hubert H u b e rt F itz p a tric k Director C O N S T R U C T IO N IN D U S T R Y f e d e r a t i o n Canal Road Dublin 6 j 01 406 6036 I I www.cif.ie From: Paul me donnell rmailto:paul(3)newqen.ie1 Sent: 16 February 2015 22:18 To: Hubert Fitzpatrick Subject: Conference Dear Mr Fitzpatrick, I would like to attend the construction conference with Ml Noonan. New Generation Homes are extremely active in the market and continue to acquire and develop new homes, Regards, Paul Me Donnell This email, its contents and any files attached are confidential and are intended solely for the use o f the individual or entity to which they are addressed. If you have l received this email in error please notify the sender and then delete this message from your system. If you are not an intended recipient o f this email you must not use, disclose, copy, distribute or retain this message or any part o f it. If any part o f this message is illegible or if you suspect that the message may have been intercepted or amended, please contact the sender. Please note that any views, opinions or advice contained in this com m unication are those o f the sending individual and not those o f the CIF and the CIF shall have no liability whatsoever in relation to this com m unication (or its content) unless separately agreed.CIF cannot accept any responsibility for inaccurate or offensive content or accept liability for any errors or om issions in the content o f this message. David Linehan From: Sent: To: Subject: Attachments: Colin O’Donnell 11 June 2015 15:27 Minister, Correspondence from Michael Stanley, CEO of Cairn Homes Cairn Homes Letter to Minsiter Noonan.pdf Follow Up Flag: Flag Status: Follow up Flagged Dear Minister, Please find attached correspondence by Michael Stanley, CEO of Cairn Homes, following the successful pricing of their initial public offering on the London Stock Exchange yesterday. Kind Regards, Colin O'Donnell C o lin O 'D o n n e l l A ccount M anager H u m e B ro p h y 3 2 M e r r io n S t r e e t U p p e r , D u b lin 2 , Ir e la n d T: + 3 5 3 (Q ) 1 6 3 4 4 8 6 5 M : E: c o li n .o d o n n e ll@ h u m e b r o p h y .c o m One Fetter Lane, London. EC4A 1BR, UK 1 *4 4 (0) 20 3440 5656 21 Boulevard Haussm ann, 75009 Paris, France 1 +33 (0) 1 5603 6589 3 C hurch Street, Sam sung Hub. S ingapore 049483 r. -6 5 6692 2335 41 Rue de la Science, 1040 Brussels, Belgium I +32 (0 ) 2 2 34 6860 MUME BROPHY w w w .h u m e b ro p h y .c o m This e-mail is from HUME BROPHY. The e-mail and any files transmitted with it are confidential and may also be privileged and intended solely for the use of the individual or entity to whom they are addressed- Any unauthorised director indirect dissemination, distribution or copying of this message and any attachments is strictly prohibited. CAIRN° Designee for Living Cairn Hom es pic 15 Upper Mount Street Dublin 2 Michael Noonan T D Minister for Finance Departm ent of Finance Government Buildings Upper Merrton Street Dublin 2 10 June 2015 Re: Cairn Homes pic D ear Minister, I am writing as Chief Executive Officer and Co-Founder of Cairn Hom es pic to introduce the company, following the successful pricing of our initial public offering on the London Stock Exchange today. Cairn Hom es pic is an Irish homebuilder with a highly experienced m anagem ent team who have a strong track record in delivering high quality homes throughout Ireland T he Com pany has a clear strategy to deliver high quality new homes with an emphasis on design, innovation and customer service, in urban regions of Ireland, with a focus on Dublin, the Dublin commuter belt, Galway, Cork and other large cities. Cairn Hom es pic today announced the successful pricing of our initial public offering of 4 0 0 ,0 0 0 ,0 0 0 ordinary shares in the capital of the company at €1 per ordinary share. Upon admission to the LSE's main market, the total market capitalisation of Cairn Hom es pic will be € 4 2 9 .7m. W e expect this admission to the standard listing segment of the Official List and comm encem ent of unconditional dealings to take place on 15 June 2015. This offer will enable Cairn Hom es pic to acquire and develop sites suitable for the developm ent and construction of homes in areas of significant under-supply. W e expect the development of the Conditionally Acquired Sites to produce 946 residential units, while the 10 other sites in which w e are engaged in advanced discussions or are actively considering possess the potential to build a further 3,880 units. W e believe that our business model which is founded on sustainability and governance will enable us to build quality homes in areas of particular need and today marks a significant milestone for both our company and the property sector here. W e would welcome the opportunity to meet and introduce our business further at your convenience. Yours Sincerely, Chief Executive Officer Cairn Homes Cc. Alan McIntosh, co-founder David Linehan From: Sent: To: Subject: Greg Kavanagh 27 July 2015 21:41 Ann Nolan The real housing situation Hi Ann, I wanted to bring som ething to you and the m inister attention. As you may have seen today house prices in Dublin have fallen again. In my articles in the Sunday paper's and docs 1 submitted to the central bank and your offices I predicted this would happen. In the papers there's talk about lack o f finance for developers etc. That is a total myth. There is now an over­ supply o f finance for housing in Dublin and the com m uter belts. The real truth is housing are not selling. The stock is not shifting. Sentim ent is so negative they are not selling. This happened exactly when the Central Bank brought in the new restrictions, also there are many other things happening that has changed the sector dramatically. W e are on the cold face o f it. We have more developm ent sites open and in planning that anyone else in the country. We see what's happening ahead o f anyone else. What is crucial is there is zero interference with the rental sector. Until rents go up people will continue to stay in rental accommodation. The REITS won't build apartments as it's not econom ically viable, so there will be no extra units delivered there either. To give you the real numbers, as a functioning economy, Dublin is under-supplied by between 50,000 and 60,000 units. From the 1970's Dublin historically only delivered an average o f 10,000 per year. This year the capital will deliver less than 5000 units as things stand. Next year will be similar. This is an impediment to the growth o f the economy. How to resolve it. The market needs confidence. In the budget the m inister could very easily stim ulate the sector to give the market a lot o f confidence and stim ulate demand. The supply and finance to deliver the units is there it just needs a kick-off. If I was the m inister 1 w ould give incom e Tax reliefs for 5 years for anyone who buys a house to let within the next 2 years. If that happens people will get take there m oney o ff deposit and buy homes. Builders will build homes as demand will be stimulated. People will have confidence again and start buying as sentiment will change totally. I have ran the numbers and worked out how much extra revenue this will generate for the state across a wide range o f sectors o f the economy. I would be grateful if you would consider this proposal. The market requires no other stimulus. No extra developm ent finance, nothing other than what I set out. Anything else will break an already weak sector. Thank you again Greg The inform ation contained in this com munication is intended solely for the use o f the individual or entity to whom it is addressed and others authorized to receive it. It may contain confidential or legally privileged information. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents o f this information is strictly prohibited and may be unlawful. If you have received this com m unication in error, please notify us im mediately by responding to this email and then delete it from your system. The Firm is neither liable for the proper and com plete transm ission o f the information contained in this com munication nor for any delay in its receipt. The Firm takes reasonable precautions to ensure that e-mail transm issions are checked for viruses but the Firm shall not accept responsibility for any loss occasioned as a result o f the corruption by virus or otherwise o f this transm ission. The scanning o f this transm ission for viruses and other malicious programs shall be the responsibility o f you the recipient. The Firm shall not be deem ed to have approved o f this transm ission where it shall have been sent otherwise than in the ordinary course o f the Firm's business. The Firm reserves the right to m onitor all electronic transm issions to and from the Firm as part o f the Firm's policy o f m anaging the proper use and operation o f its com munication systems. CONTRACT DISCLAIM ER PLEASE NOTE THAT I HAVE NO AUTHORITY EITHER EXPRESS OR IMPLIED TO BIND BE BOUND IN ANY M ANNER W HATSOEVER AND THE EXISTENCE OF ANY CONTRACT IS EXPRESSLY DENIED . NO CONTRACT SHALL EXIST UNTIL SUCH TIM E AS A FORM AL CONTRACT HAS BEEN EXECUTED BY BOTH PARTIES AND A DEPOSIT PAID. N OTHING IN THIS EM AIL OR ANY OTHER DOCUM ENT ISSUED BY THIS OFFICE SHALL CONSTITUTE A M EM ORANDUM CAPABLE OF SATISFYING THE STATUTE OF FRAUDS( I RELAND) 1697 OR SECTION 51 OF THE LAND AND CONVEYANCING REFORM ACT 2009 David Linehan From: Sent: To: Subject: Margaret Fitzgerald 28 July 2015 12:57 Greg Kavanagh RE: The real housing situation Dear Mr Kavanagh Thank you for your emails. I am forwarding them to the Minister's Private Secretary for the Minister's review upon return. In the meantime, I am also forwarding them to the Head of our Tax Policy Division. Kind regards Margaret Margaret Fitzgerald Personal Assistant to the Secretary General Department of Finance Government Buildings Upper Merrion St Dublin 2 Tel: +353 1 6045580 Email: margaret.fitzeerald@finance.eov.ie From: Greg Kavanagh [mailto:greg@newgen.ie] Sent: 27 July 2015 21:47 To: Margaret Fitzgerald Subject: Fwd: The real housing situation Hi Margaret, i sent the below email to Ann Nolan but she’s away. Ann is always very responsive and a terrific lady. I know she'll take it up when she's back but in the interim if you could perhaps circulate it to the m inister to consider I would be grateful. Thank you Greg Begin forwarded message: From: G reg Kavanagh < ure ufa:new uen.ie> D ate: 27 July 2015 21:40:35 1ST To: Ann Nolan Subject: The real housing situation l Hi Ann, I wanted to bring som ething to you and the m inister attention. As you may have seen today house prices in Dublin have fallen again. In my articles in the Sunday paper’s and docs I submitted to the central bank and your offices 1 predicted this would happen. In the papers there’s talk about lack o f finance for developers etc. That is a total myth. There is now an over-supply o f finance for housing in Dublin and the com m uter belts. The real truth is housing are not selling. The stock is not shifting. Sentim ent is so negative they are not selling. This happened exactly when the Central Bank brought in the new restrictions, also there are many other things happening that has changed the sector dramatically. W e are on the cold face o f it. We have m ore developm ent sites open and in planning that anyone else in the country. We see what's happening ahead o f anyone else. What is crucial is there is zero interference with the rental sector. Until rents go up people will continue to stay in rental accommodation. The REITS w on’t build apartments as it's not econom ically viable, so there will be no extra units delivered there either. To give you the real numbers, as a functioning econom y, Dublin is under-supplied by between 50,000 and 60,000 units. From the 1970's Dublin historically only delivered an average o f 10,000 per year. This year the capital will deliver less than 5000 units as things stand. Next year will be similar. This is an impediment to the growth o f the economy. How to resolve it. The market needs confidence. In the budget the m inister could very easily stim ulate the sector to give the market a lot o f confidence and stim ulate demand. The supply and finance to deliver the units is there it just needs a kick-off. If I was the m inister I would give income Tax reliefs for 5 years for anyone who buys a house to let within the next 2 years. If that happens people will get take there money off deposit and buy homes. Builders will build homes as demand will be stimulated. People will have confidence again and start buying as sentiment will change totally. I have ran the numbers and worked out how much extra revenue this will generate for the state across a wide range o f sectors o f the economy. I would be grateful if you would consider this proposal. The market requires no other stimulus. No extra developm ent finance, nothing other than what I set out. A nything else will break an already weak sector. Thank you again Greg The inform ation contained in this com munication is intended solely for the use o f the individual or entity to whom it is addressed and others authorized to receive it. It may contain confidential or legally privileged information. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents o f this information is strictly prohibited and may be unlawful. If you have received this com munication in error, please notify us im m ediately by responding to this email and then delete it from your system. The Firm is neither liable for the proper and com plete transm ission o f the information contained in this com munication nor for any delay in its receipt. The Firm takes reasonable precautions to ensure that e-mail transm issions are checked for viruses but the Firm shall not accept responsibility for any loss occasioned as a result o f the corruption by virus or otherw ise o f this transmission. The scanning o f this transm ission for viruses and other malicious programs shall be the responsibility o f you the recipient. The Firm shall not be deemed to have approved o f this transm ission where it shall have been sent otherwise than in the ordinary course o f the Firm's business. The Firm reserves the right to m onitor all electronic transm issions to and from the Firm as part o f the Firm's policy o f managing the proper use and operation o f its com munication systems. CONTRACT DISCLAIM ER PLEASE NOTE THAT I HAVE NO AUTHORITY EITHER EXPRESS OR IMPLIED TO BIND BE BOUND IN ANY M ANNER W HATSOEVER AND THE EXISTENCE OF ANY CONTRACT IS EXPRESSLY DENIED . NO CONTRACT SHALL EXIST UNTIL SUCH TIM E AS A FORMAL CONTRACT HAS BEEN EXECUTED BY BOTH PARTIES AND A DEPOSIT PAID. NOTHING IN THIS EM AIL OR ANY OTHER DOCUM ENT ISSUED BY THIS O FFICE SHALL CONSTITUTE A M EM ORANDUM CAPABLE OF SATISFYING THE STATUTE OF FRAUDS(IRELAND) 1697 OR SECTION 51 OF THE LAND AND CONVEYANCING REFORM ACT 2009 David Linehan From: Sent: To: Subject: Greg Kavanagh 07 August 2015 17:10 Ann Nolan Re: Social housing Ann, Thank you for your response and for taking the tim e to put together such a detailed response. As we are at the cold face o f what's taking place we are fortunate to see first hand what's taking place and how to deal with the issue. The key thing the government needs to understand is in sim ple terms, if there is no financial reward for developers to build social housing they won't do it. I know the governm ent and all councils don't want social housing on the G overnm ent book and want to create social integration o f social and private mixes. The only feasible way to achieve that is to financially incentivise landlords as I set out. If that happens very quickly it will deal with the current shortage o f social houses that exist but also it will create social integration in large new housing estates that currently does not exist, this is the specific wish o f the director o f housing in DCC. He said its a goal they have but can't seem to achieve it. Through a sim ple tax change, all be it at a cost, when the overall tax and social benefits are calculated it will give a net gain to the state. Thank you again for taking the time to read and respond to m y mails. Greg The information contained in this com m unication is intended solely for the use o f the individual or entity to whom it is addressed and others authorized to receive it. It m ay contain confidential or legally privileged information. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents o f this inform ation is strictly prohibited and may be unlawful. If you have received this com m unication in error, please notify us im m ediately by responding to this email and then delete it from your system. The Finn is neither liable for the proper and complete transm ission o f the inform ation contained in this com m unication nor for any delay in its receipt. The Firm takes reasonable precautions to ensure that e-mail transm issions are checked for viruses but the Firm shall not accept responsibility for any loss occasioned as a result o f the corruption by virus or otherwise o f this transm ission. The scanning o f this transm ission for viruses and other malicious programs shall be the responsibility o f you the recipient. The Firm shall not be deemed to have approved o f this transm ission w here it shall have been sent otherwise than in the ordinary course o f the Firm's business. The Firm reserves the right to m onitor all electronic transm issions to and from the Firm as part o f the Firm's policy o f m anaging the proper use and operation o f its com munication systems. CONTRACT DISCLAIM ER £ < PLEASE NOTE THAT I HAVE NO AUTHORITY EITHER EXPRESS OR IMPLIED TO BIND BE BOUND IN ANY M ANNER W HATSOEVER AND THE EXISTENCE OF ANY CO NTRACT IS EXPRESSLY DENIED . NO CONTRACT SHALL EXIST UNTIL SUCH TIM E AS A FORM AL CONTRACT HAS BEEN EXECUTED BY BOTH PARTIES AND A DEPOSIT PAID. N OTHING ] THIS EM AIL OR ANY OTHER DOCUM ENT ISSUED BY THIS OFFICE SHALL CO NSTITUTE M EM ORANDUM CAPABLE OF SATISFYING THE STATUTE OF FRAUDS(IRELAND) 1697 OR SECTION 51 OF THE LAND AND CONVEYANCING REFORM ACT 2009 On 7 Aug 2015, at 16:40, Ann Nolan < A nn.Nolanfc’ financc. gov.ie> wrote: Greg, Thank you for your subm issions regarding the potential for tax incentives for landlords to encourage the provision o f rental accommodation and social housing. As you may be aware, the ESRI are currently preparing a report on the future o f the private rented sector, which has been com missioned by the Private Residential Tenancies Board (PRTB). The ESRI is part o f a consortium o f parties undertaking the study, led by DK.M Economic Consultants, and including Red C Research and M arketing, and law firm Ronan, Daly Jermyn. The study will assess the economic, policy and taxation treatment o f the sector with a focus on measures that will increase the supply o f affordable and good quality accommodation. It will also exam ine the role o f measures to achieve a greater level o f rent stability. Given that the private rented sector has almost doubled in size between 2006 and 2011, and that about 20% o f households in the State are now renting their hom e in this sector, the report will seek to profile tenants and landlords. An assessm ent o f the likely future o f the sector will form part o f the study and will look at best practice abroad. A national survey o f attitudes to the private rented sector (to include landlords, tenants and the general public) is also being undertaken. I understand that this report will be finalised shortly. 1 can assure you that the report and indeed specific proposals to deal with increasing the supply o f rental accommodation and social housing, including those put forward by you, will be considered by the M inister and the Government, as part o f their deliberations for the forthcoming Budget and Finance Bill. Kind Regards Ann Nolan From: Greg Kavanagh [mailto:greg@ newtten.iel Sent: 27 July 2015 22:31 To: M argaret Fitzgerald; Ann Nolan Subject: Social housing Hi Ann, As widely reported in the media social housing and lack there o f is a problem for the government. We have looked at it. As things stand no developer will bring on social housing. In my last email I m entioned the stimulus o f rental tax relief. That is the only way social housing will be brought on by the private sector. There is no money or profit in it. We have looked at it every which way. We have the sites in some circumstances at next to nothing because we got in so early and even at that there is no profit and its econom ically unviable. If there is a package for landlords w here there are given extra income tax relief to buy a new property within the next 2 years and get 7 years o f no income tax so long as it's rented specifically for social housing, this will bring on the supply. Again similarly to what I set out in m y earlier mail, the money sitting on deposit will transform into construction work. The benefit both economical and socially o f this to the econom y is enormous. To give this stimulus in the budget will within the next 2 years m assively deal with the lack o f social housing. What the M inister for the Environment is looking to do will have minimal effect o f any for at least 3-4 years. If you bring in this m easure it will have the effect o f over a short window over-com ing the shortage o f available housing. Dublin City Council are against the prospect o f building housing estate o f 500 social units as we know what happens with them. The only way to have intergration is to inccntivise landlords in the short term to resolve the real crisis. I would be grateful if you could consider this and give it to the m inister to review. Regards Greg The inform ation contained in this com munication is intended solely for the use o f the individual or entity to whom it is addressed and others authorized to receive it. It may contain confidential or legally privileged information. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents o f this information is strictly prohibited and may be unlawful. If you have received this com munication in error, please notify us im m ediately by responding to this email and then delete it from your system. The Firm is neither liable for the proper and com plete transm ission o f the information contained in this com munication nor for any delay in its receipt. The Finn takes reasonable precautions to ensure that e-mail transm issions are checked for viruses but the Firm shall not accept responsibility for any loss occasioned as a result o f the corruption by virus or otherwise o f this transm ission. The scanning o f this transm ission for viruses and other malicious program s shall be the responsibility o f you the recipient. The Firm shall not be deemed to have approved o f this transm ission w here it shall have been sent otherw ise than in the ordinary course o f the Firm's business. The Finn reserves the right to m onitor all electronic transm issions to and from the Firm as part o f the Firm's policy o f m anaging the proper use and operation o f its com m unication systems. CONTRACT DISCLAIM ER PLEASE NOTE TH A T I HAVE NO AUTHORITY EITHER EXPRESS OR IMPLIED TO BIND BE BOUND IN ANY M ANNER W HATSOEVER AND THE EXISTENCE OF ANY CONTRACT IS EXPRESSLY DENIED . NO CO NTRACT SHALL EXIST UNTIL SUCH TIME AS A FORMAL CONTRACT HAS BEEN EXECUTED BY BOTH PARTIES AND A DEPOSIT PAID. NOTHING IN THIS EMAIL OR ANY OTHER DOCUM ENT ISSUED BY THIS OFFICE SHALL CONSTITUTE A M EM ORANDUM CAPABLE OF SATISFYING THE STATUTE OF FRAUDS(IRELAND) 1697 OR SECTION 51 OF THE LAND AND CONVEYANCING REFORM ACT 2009 N e a sa Sh errv From: Colin O 'D o n n e ll Sent: 30 Septem ber 2015 < co lin.o don nell@ h um eb ro phy.com > To: N easa Sherry Subject: RE: M e e t i n g 12:44 R eq u est w ith Cairn H o m e s Hi N e a s a , M a n y th a n k s for c o n firm in g th e s e n a m e s , w e look f o r w a r d to next w e e k . Kind r e g a r d s , Colin From: N e a s a S h e r r y [ m a i l t o : N e a s a . S h e r r y @ f i n 3 n c e . g o v . i e ] Sent: 3 0 S e p t e m b e r 2 0 1 5 1 0 : 3 8 o: C o l i n O ' D o n n e l l < c o l i n . o d o n n e l l @ h u m e b r o p h y . c o m > Subject: F W : M e e t i n g R e q u e s t w i t h C a i r n H o m e s Colin, T h e r e 's a m i n o r a m e n d m e n t . D a v e H e g a r t y , P r in c ip a l O f f i c e r in t h e E c o n o m i c s s e c t i o n w i ll n o w be a tte n d in g the m eetin g instead of John H ogan. Kind r e g a r d s , Neasa From : N easa Sherry Sent: 3 0 S e p t e m b e r 2 0 1 5 10:13 T o : ’C o l i n O ' D o n n e l l ' S u b j e c t : RE: M e e t i n g R e q u e s t w i t h C a i r n H o m e s Hi C o i i n , T h a t ' s g r e a t , w e l o o k f o r w a r d t o s e e i n g y o u o n O c t o b e r 7 th. Officials a t t e n d in g w i t h M in is te r N o o n a n are John H oga n, Assistant S e c re ta ry w ith in th e B anking Division, a n d D ec la n Reid, Specialist w ith in th e S h a re h o ld in g M a n a g e m e n t U nit of th e D e p a r t m e n t . Kind r e g a r d s , Neasa Sherry Office of th e M in is te r o f Finance F r o m : C o l i n O ' D o n n e l l [m a i l t o x o l i n . o d o n n e l l f a h u m e b r o p h v . c o m l Sent: 2 8 S e p t e m b e r 2 0 1 5 14:18 To: N e a s a Sherry S u b j e c t : R E: M e e t i n g Hi N e a s a , R eq uest w ith Cairn H o m e s A j g i e s f o r t h e d e l a y in g e t t i n g b a c k , ( c a n c o n f i r m n e x t W e d n e s d a y a t 1 0 : 3 0 a m suits p e r f e c t l y , t h a n k y o u a g a in for a r r a n g i n g this. A t t e n d e e s f r o m C airn 's side will be M i c h a e l S ta n le y (CEO, Cairn H o m e s ) , Jo h n R ey n o ld s (C h a ir m a n , C airn H o m e s ) a n d I. W o uld it b e p o s s i b l e t o t e l l i f t h e M i n i s t e r w i l l b e a c c o m p a n i e d b y a n y o f h i s o f f i c i a l s ? M a n y thanks, From: N e a s a S h e r r y [ m a i l t o : N e a s a . S h e r r y (£>f i n a n e e . g o v . i e ] Sent: 2 5 S e p t e m b e r 2 0 1 5 1 2 : 2 3 To: C o l i n O ' D o n n e l l < c o l i n . o d o n n e l l P h u m e b r o p h y . c o m > Subject: F W : M e e t i n g R e q u e s t w i t h C a i r n H o m e s Hi C olin he M i n i s t e r ' s s c h e d u l e h a s b e e n e x t r e m e l y b u s y o f la te , so m y s in c e r e a p o l o g i e s f o r t h e d e l a y r e s p o n d i n g t o y o u . M i n i s t e r N o o n a n is h a p p y t o m e e t w i t h M r S t a n l e y o v e r t h e n e x t c o u p l e o f w e e k s . D o e s W e d n e s d a y , S e p t e m b e r 7 th at 1 0 . 3 0 suit? Kind r e g a r d s , Neasa Sherry Office o f th e M in is te r o f Finance From: Colin O 'D o n n e ll m a ilto :c o lin .o d o n n e il(5 > h u m e b ro p h y .c o m 1 Sent: 0 4 S e p t e m b e r 2 0 1 5 To: 14:47 N easa Sherry S ubject: M e e t i n g R e q u e s t w it h Cairn H o m e s Hi N e a s a , T h a n k s s o m u c h f o r t a k i n g m e call. A s d i s c u s s e d , t h e a t t a c h e d m e e t i n g r e q u e s t w a s p o s t e d t o t h e M i n i s t e r in J u n e , io llo w in g C airn H o m e s ' successful f lo ta tio n o n th e L o n d o n S tock E x c h a n g e , raising c ap ital fo r h o m e b u i l d i n g across Ireland. I w a s o n t o y o u r o f f i c e i n t h e w e e k s f o l l o w i n g i t s i s s u a n c e , h o w e v e r a s it w a s u n d e r s t a n d a b l y a n d e x t r e m e l y b u s y p e r i o d f o r y o u r o f f i c e , ! t h o u g h t I w o u l d l i n k b a c k in as t h e O i r e a c h t a s r e t u r n s . W e w o u l d b e e x t r e m e l y g r a t e f u l if t h e M i n i s t e r h a d t i m e f o r a b r i e f m e e t i n g w i t h C a i r n H o m e in t h e c o m i n g w e e k s . Kind R e g a r d s , C olin O ' D o n n e l l Colin O'Donnell Account M anager Hume Brophy Ji-rflerrson Street Upper, Dublin 2, Ireland T: (0) 1 634 4865 E- colin.odonnell@ hum ebrophy.com One Fetter Lane, London, EC4A 1BR, UK T: +44 (0) 20 3440 5656 21 Boulevard H aussm ann, 75009 Paris. France T +33 (0) 1 5603 6589 3 Church S lreet. Sam sung Hub, S ingapore 049483 7 + 65 6692 2335 A 1 Rue de la Science, 1040 Brussels, Belgium 1: +32 (0} 2 234 6860 ! !UME BROPHY w w w .h u m e b ro p h v .c o m This e-m ail is Irom HUM E BR O PH Y. The e-m ail and any files transm itted w ith it are c o n g e n ita l and m ay also be privileged and intended solely for the use of the individual or entity to whom they are addressed Any unauthorised direct or indirect dissem ination, distribution or copying of this m essage and a ny attachm ents is strictly prohibited Efor L iv in g . B u iit f o r L ife . I CAIRN Designed for Living Built for Life / / C A IR N 15 Upper Mount Street Dublin ? 1 Ireland Office: +353 t 603 0886 www.cairnhomes.com info'frcaimhomes.com www.caimhomes.com Experience and dedication C A IR N ? lc Designed for Living- Built for Life. M a n a g e m e n t an d B oard of D irectors We are fortunate to have a superb team of skilled and dedicated people with a clear strategy to deliver high quality new homes to the marketplace. At Cairn, build quality is at the heart of everything we do. Our design-led process continually questions outmoded practices and their relevance to new ways of living. We strive to understand our customers' needs and aspirations and then bring together the most talented designers and craftsmen to interpret and deliver that vision. Our company structure is professional, well governed and considered. Cairn Board members have held senior positions in a number of successful public and private companies and bring a great deal of experience to bear. As well as offering home buyers peace of mind our distinct approach also engenders the trust and collaboration ot planners, local authorities, regulators and other important stakeholders in the industry. Given our existing and future development pipeline we believe we are making a meaningful contribution to the current shortage of availability of quality new homes in Ireland. rn 1 X - Michael Stanley Alan McJntosh Eamonn O ’Kennedy Chief Executive Officer, Founder & Executive Director Founder & Executive Director Group Finance Director Chief Commercial Officer John Reynolds Gary BrHon Non -Executive Director Aidan O’Hogan Non-Executive Director Andrew Bernhardt Giles Davies Non-Executive Director Non-Executive Director Kevin Stanley Liam O ’Brien Group Construction Director llH K Leading the way Calm is led by a strong Board of Directors comprising senior executives from the private and public sector with a wealth of property, governance, finance and public company experience The Board « complemented by a highly experienced management team with a proven track record of delivering high quality residential properties in Ireland. Non-Executive Chairman DART line Parkside Malahide Road Dublin Construction »s jndefway on this key 20.2 hectare (50 acre) holding which will comprise of 430 high quality three and four bedroom family homes. Parkside is situated between the Malahide Road and the newly upgraded Fr. Collins Park, just 10km from Dublin City centre. Clongrtffin DART station is just ten minutes walk away. P a rk s id e to C ity C e n tre 2 0 m in u t e s Key Site Characteristics www. parksidebomes ie High quality public realm, a new linear park, amenity park and new school in a well considered, connected environment with an emphasis on soft Po»1mornoek .* Golf Club Park Side Albany is a protected status Victorian residence located off Killiney Hill Road, within walking distance of Killiney Beach (600m), Killiney Village and Dart Station (800m). South of neighbouring Dalkey. Killiney is one of Dublin's most sought after residential locations. Albany Key Site Characteristics Co. Dublin Killiney Albany House, its coach house and annexes are being sensitively restored and converted providing for four characterful residential units. The development will also consist of 16 new four & five bedroom houses within the newly landscaped curtilage of the original dwelling. Construction commenced in January 2015. ALBANY KILLINEY Killiney DART Station Davitt Memorial, Ballybrack Village www.albanylodge.ie / Ard Na Glaise Stillorgan Park C o. Dublin • AnJ Na Glaise represents a superb development opportunity in one of Dublin's prime residential locations. Localed on the southern side of Stillorgan Park Road in Stillorgan, Co. Dublin, the property is approx, 400m from the nearest junction of the N 11 Stillorgan Road The Blackrock DART Station and Green Luas Line Stop are also within 2.5km of the development. Key Site Characteristics This attractive, wooded site is zoned residential, extends to approx. 2 acres and comprises a detached residence, outbuildings and gardens. The Cairn planning team are at design stage for a smart residential scheme incorporating the original house and garden. ' //^MarianeHa represents one of Dublin's best residential development opportunities, The property is located in the highly sought after suburb of Rathgar, easily accessible to Dublin Crty and the south crty suburbs of Ranelagh, Rafhmines, MHftown and Clonskeagh. tt is approximately 4.2 Km south of St. Stephen's Green, The lands extend to over 8 acres and are located on the northern side of Orwell Road in Rathgar, opposite Rostrevor Terrace, approximately 450m south east of Rathgar Village Planning permission exists for a high quality residential scheme incorporating 211 apartments and houses with additional development potential on other parts of the lands. • Marianella Orwell Road Rathgar Dublin 6 Barrington Foxrock Dublin 18 Foxrock is one of the most sought after and affluent residential suburbs located in south Dublin, The property, extending to almost 9 acres is located on Brennanstown Road approximately 12km south of Dublin City Centre. It is a prestigious location containing large mature private residences with manicured gardens m an area which has a peaceful and tranquil atmosphere. The srte has the benefit of a dedicated LUAS stop that runs along the southern boundary and serves St Stephen’s Green in just over 25 minutes. The M50 lunction {16} and N11 are also wrthin close proximity. Key Site Characteristics A mature site, full Planning exists for 149 residential units. However, the Cairn planning team are currently appraising the site fresh and intend lodging (or an improved development by December 2015. Navan, with a population of 28,197 [2011 Census) is the administrative capital of Co. Meath and is a major commercial and centre in the north-east region. Moathill Navan Navan is now an established commuter town within the greater Dublin area but also has significant local employment including Meath County Council and Tara Mines (largest Zinc mine in Europe). Key Site Characteristics Comrteing 4 ,6 hectares (11A acres) the site is directly opposite St. Patricks School, jus? 750 metres from Navan Town Centre. There is an excellent public park and two retail centres nearby. Cairn are currently working with a leading architectural firm in the design phase for a new three and four bedroom scheme with high quality landscaped open space. Galway City is a thriving, bohemian, cultural city on the western coast of Ireland. Along with being a popular seaside destination with beautiful beaches and long winding promenade, it also has a buzzing cosmopolitan city centre. Cairn see an excellent opportunity to establish a strong presence in Galway to meet the demand that currently exists for new homes in the crty. Key Site Characteristics The site at Rahoon is just 3.8km from Gaiway City Centre, 2.4km from NUIG (National University of Ireland, Gaiway) in a well established and popular residential location. Comprising 8 4 hectares (20.9 acres) the site has the potential for a development of c. 160 three & four bedroom family houses. Rahoon Galway Building to the highest quality benchmark A C airn h o m e stan d s out b e c a u s e w e only w o rk w ith tra d e s p e o p le , d esig n ers, c ra fts m e n an d su pp liers w h o are e x p e rie n c e d in th e ir fie ld s a n d o u r te a m is fo rtu n a te to h a v e fo rg e d lo n g stan d in g relatio n sh ip s w ith m an y of th e s e p e o p le . C airn is a m e m b e r o f th e C o n s tru c tio n Industry F e d e ra tio n (C IF). All C airn h o m e s a re p ro te c te d by H o m e B o n d , th e lead ing p ro v id e r o f structural c o v e r o p e ra tin g in Ireland sin ce 1978. Designed for Living Buili lor Life. Better regulations - Higher Standards Ireland's Building Regulations for new homes are continually being amended and improved and set a high quafrty benchmark fully deserving of the homebuyers confidence. The 20T1 amendments to the Regulations require a further reduction in primary energy consumption and carbon dioxide emissions. An additional increase in the levels of insulation for walls, roofs and floors is required along with a better U value for doors and windows, increased levels of air tightness and an improvement in the minimum efficiency of oil and gas boilers. At Cairn one of our goals is to achieve building enhancements that aim to go beyond the current regulations. All our homes are designed to be airtight, fully insutated and to consume the least amount of energy possible. We set ourselves the highest quality benchmark to ensure that you can buy a Cairn home with confidence.