Kieran O'Donnell (Limerick East, Fine Gael)

I thank the Leas-Cheann Comhairle for his common sense approach. More of that around here would be very much welcomed.

The surcharge is based on a surcharge on corporation tax that may never be payable because the banks will have losses forward. It should have been based on operating profits before adjustments for any losses forward. It should be on the basis of a charge rather than a tax surcharge. We never got to debate it properly. It is important we put it on the record of the House.

We have tabled amendments to the Minister's amendments that came from the Seanad. Amendment No. 9 in section 119 deals with the qualifications for membership of the valuation panel. We consider that should be referred for consideration before an Oireachtas committee. It is regrettable that the Minister has not put the Oireachtas committee on a statutory footing. Anything requiring funding of the order of €54 billion would require that.

Regarding amendment No. 10 in section 210, we welcome that the Minister has put into the legislation guidelines for credit flow but they are not sufficiently detailed. We have tabled an amendment covering what should be included in those guidelines. We have added a further area covering credit for small businesses and mortgage holders.

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