Simon Harris: “These restrictions have been the source of frustration over many years.”

For thousands of first-time buyers, this is a scheme that has helped to bridge the gap to home ownership by making it easier to secure the deposit required to buy or build.

None of this suggests that transition would be without significant cost or complexity. It would require careful planning, sustained investment and responsible fiscal management.

We will continue to pursue organised criminals, protect our financial system and safeguard Ireland’s reputation as one of the safest and most trusted places in Europe to live, work and do business.

Irish people work hard for their money and we are determined to make sure their money can work harder for them, and I look forward to setting out more detail in the Budget on October 6.