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

The Minister for Finance confirmed in his budget speech that the 0.6% levy would be abolished from 31 December 2014. He also explained the rationale for the introduction of a lower 0.15% levy for the years 2014 and 2015 contained in the Bill as published. This 0.15% levy is intended to continue to help fund the jobs initiative and to provide for potential State liabilities that may emerge from pre-existing or future pension fund difficulties. I cannot accept the proposed amendment as it would adversely impact the funding of the jobs initiative and would not provide the required provision against pre-existing or future pension fund difficulties. Deputy Pearse Doherty's amendment proposes reducing the rate to 0.5%.