Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

Are we addressing this issue with the European Central Bank? I refer to the article published in Die Welt last week on the funding of Spanish banks in comparison with Irish banks, which indicated an anomaly exists whereby Irish banks are being charged more than Spanish banks. There appears to be one rule for them and another for us. I advocate pressing the ECB to give Ireland a break by funding the banks more directly with more funds at the cost set by the European Central Bank. It would be one way to get the banks closer to profitability, as well as being a quicker way of telling people the margins on mortgages do not need to be as high as they are at present.

My final question pertains to taxation. In the forthcoming budget, one third of the adjustment will come through taxation and two thirds through public expenditure cuts. What is the Secretary General's view on taxation of the very wealthiest in society? In the view of most people, taxation imposed on the wealthiest is perceived as something which will not have a negative impact on the domestic economy but that, on the contrary, it will drive the domestic economy. However, were taxation to be spread across middle income earners in Ireland, the domestic economy would be depressed further.