I thank the Deputy for the question. The framework for governance and oversight of the deposit return scheme, DRS, is set out in the Separate Collection (Deposit Return Scheme) Regulations 2024, the ministerial approval issued under those regulations and the code of corporate governance for compliance schemes. While Re-turn is responsible for all operational and funding matters relating to the DRS, officials from my Department monitor performance of the scheme closely and meet Re-turn monthly to review progress. In addition, quarterly meetings are held to discuss strategic priorities and governance matters. I have also met representatives of the company on a number of occasions.
Regulation 7 of the DRS regulations provides for a review of Re-turn's approval three years after the grant of approval and every third year thereafter. Re-turn's approval was granted in July 2022, which means the first review was initiated in 2025, and this remains under consideration. As this is the first review since the scheme went live, a number of matters require review to ensure the continued effectiveness of the scheme.
The scheme is performing very well to date. Communities around the country are making the most of this new fundraising opportunity and enjoying huge reductions in litter. The 2026 Irish Business Against Litter annual survey, which was published last week, reported cans and plastic bottles litter is down 50% since the scheme was introduced in early 2024. The approval also obliges the company to achieve two separate collection and recycling targets, namely, by 2025 to have an amount equal to 77% of products placed on the market by weight, and by 2029 to have an amount equal to 90% of products placed on the market by weight. The company will publish its annual report for 2025 in the coming weeks and will set out its performance against those targets and other metrics in detail.