Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Reading between the lines of the Minister's statement, it seems that because we now own AIB and hold a minority shareholding in Bank of Ireland, and because, presumably, the medium to long-term plan is to dispose of our equity interest in those banks, removing this restriction enhances the value of those banks. It certainly strengthens their capital position and perhaps makes them more valuable.

However, I asked whether the Department had done any calculation as to the amount of tax that will be foregone as a result of lifting this restriction. The amount of losses being carried forward is a matter of public record in the various annual reports and so forth, so it should be relatively straightforward to calculate the potential tax foregone as a result of lifting this restriction.