Seán Fleming (Laois-Offaly, Fianna Fail)

I understand; it is a human reaction. However, I am serious about this issue.

Let us consider a calculation. If the banks have a write-down of €8 billion in their property portfolio and the corporation tax rate is 12%, that is the equivalent of €1 billion in tax which need not be paid if the write-downs can be carried forward. That would make it very attractive to a potential purchaser, perhaps a foreign international institution. Such an institution might purchase these banks for the €1 billion of income tax that could be written off through double taxation agreements in respect of the various countries in which reside the parent companies of such financial institutions. Perhaps this issue is being addressed but it would grate on people if such write-downs were to be offset against future tax receipts which should be paid to the Exchequer. Most would agree with me in this regard.

I refer to the chairpersons and chief executives of the six major banks. Each one of them should be out of office in the immediate future. The majority already are. It is only right that the 12 chairmen and chief executives should go. They should go in an orderly manner rather than have every one of them leave on a given Friday evening or Monday morning, as that would cause further difficulties for the credibility of Irish financial institutions. Those who sat at the top of these institutions, regardless of how capable or intelligent they believe they are, have caused significant problems for the taxpayer. They have no role in solving these problems and it is important that we recognise this.

I was amazed with the survey from ISME, the Irish Small and Medium Enterprises Association, about which I heard on radio this morning. Some 58% of small and medium sized industries which approached the banks for credit in the past three months were refused.

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