John Perry (Sligo-North Leitrim, Fine Gael)

I am pleased to speak to the Bill. The vulnerable are paying a heavy price for the massive bailout provided for the banks. As Deputy McGinley noted, it is ironic that on the same day we learned that bonuses will be paid to individuals in the banks who failed abysmally, resulting in a costs of billions of euro to the State, we are debating the price to be paid by people who did not cause the economic crisis. I refer to those who have worked hard and are now in retirement, those in receipt of blind person's pension and invalidity, disability or carer's allowance. Carers do an outstanding job and save the State huge sums by caring for parents and relatives in the home.

The savings made through these cuts could have been collected or raised by other means. For example, the Minister announced a dramatic reduction in stamp duty rates. If someone is in a position to pay almost €1 million for a property, he or she should be able to pay stamp duty of 2%. Stamp duty is not preventing people from acquiring property. The problem is that the banks are not making money available.

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