Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

I thank the Deputies for this useful debate. My understanding is that one half of the world's aircraft leasing comes from Dublin, which is an extraordinary and remarkable thing for a small country. It employs 1,000 people, as Deputy Doherty noted earlier, which is a lot of people. The ambition is that we will see a major spin-off from that if the section the committee has already passed - section 30 - comes to proper fruition. Section 30, which was discussed yesterday, deals with the maintenance area and how we grow that. That is jobs rich. It is about reconditioning second-hand aircraft and making them fit for purpose again. My understanding is that of the $27 billion in this area in the US, $19 billion is in what is called the maintenance repair overhaul of aircraft industry.

The argument we are making is that in order to get the maintenance side up, which is jobs rich and which we know from the figures will be a substantial growth industry, we must be clear about EETCs. In a sense, one follows the other. If there is any doubt about that, which is the purpose of the amendment, it could well have a doubt about the potential viability we are all attempting to achieve in section 30, which the Minister set out in his speech and which is part of Government policy.

The essential point raised by Deputy McGrath is the need to have the information in a way that justifies this. We can do that and it is up to the Chairman and members how we do that. In respect of the point raised by Deputy Shortall, it is a good thing in general that we have cost-benefit analysis. It is right and prudent but it must be proportionate. I know there was a debate about this yesterday and I understand the Minister made the point I am now going to make. It is right and appropriate that we would engage in cost-benefit analysis, particularly in significant tax areas. I know we have given a commitment in respect of research and development. Given that this is a very competitive area where everyone watches what one is doing, one must use the tax code and system to see if it is possible to develop a niche industry or area of financial services. In circumstances where there is no money hanging around the place and we need to take in more money, we need to do things differently. I know this point has been made by the Minister regularly. On the supply side, we must try to do things differently because we must be ahead of where others will be.

We have a significant advantage because of the success of the leasing industry, which has been largely driven by a decision taken over a decade ago. However, we must be conscious that it can go the other way very quickly. If we see the potential on the maintenance and repair side, which is jobs rich, we need the certainty in respect of EETCs. We will provide the information, as suggested by Deputy McGrath, and I take his point, which he makes better than I do, in terms of information and review. This is sensitive because there are many people who would like to get a piece of the pie we have managed to win, which is why we must be careful and do this in a prudent and proportionate way that secures the industry into the future.