Labhrás Ó Murchú (Fianna Fail) | Oireachtas source

Cuirim fáilte roimh na hAirí. Like my colleague, Senator Fiach Mac Conghail, I also declare an interest because I am associated with Comhaltas Ceoltóirí Éireann which is a beneficiary of the Department. To paraphrase Martin Luther King, that help enables us not only to dream but also to realise a major part of the dream.

It is widely acknowledged that culture is an important ingredient of national morale, but sometimes its economic aspect in national development is understated. The fact that 73,000 jobs are dependent on cultural tourism is significant. In its 2009 survey Fáilte Ireland identified that €1.9 billion was generated by the cultural and heritage aspects of tourism. It is estimated that there will be growth of 15% per annum worldwide in cultural tourism. If this figure was related to any other industry in the current recessionary times, it would be a huge cause for celebration. In that context, we must be careful to know which goose is laying the golden egg. Can we take it that this aspect of the generation of funding will be kept in mind when funds are being dispensed and policy is being formulated?

Connected with this issue is the EU Presidency. Is it envisaged that events will not be confined to Dublin city? Will entourages and related activities be widely dispersed? I could issue straightaway an invitation to visit the Rock of Cashel and Brú Ború if the Minister was going in that direction. Because of the importance worldwide of cultural tourism, we will benefit, but we must share the publicity. In the case of the Eurovision Song Contest, for example, other aspects of Irish life were shown. I hope this will be a priority in planning and that we will ensure those who come to Ireland will get to see the whole island.

The Minister has invited us to bring forward our ideas on how to generate finance. I have one suggestion at which he might look. If a person deposits surplus cash in the bank, at most he or she will receive interest at a rate of 1%, on which DIRT is payable. There is a message to be learned from how charities can claim back tax on donations. The Department of Finance, the Revenue Commissioners and the Department of Arts, Heritage and the Gaeltacht could devise a scheme under which those who deposit money with an arts organisation would receive interest on the sum deposited tax free. This should apply to both capital and current funding. If a person borrows money from a bank, he or she will pay at a rate of 4% or 5%. This might sound like an unusual idea and while it is not radical because the concession for charities is already provided for, it would be novel because the opportunities to raise money are fewer and there are huge sums on deposit - up to €70 billion. There must be a way to release some of these funds from the banks into the business sector by offering some carrot to do so. It should not be beyond the bounds of possibility. I ask the Minister, even if it is outside his remit, to consider it with the Department of Finance and the Revenue Commissioners.