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

Even if the current restriction remained in place, all of the losses being carried by the banks would, over time, be offset against their profits, as Deputy O'Donnell pointed out. The issue is that in any given year the profits they accrue could only be reduced by half but all of the losses sitting on their balance sheets can be carried forward and offset against future profits. There is, in net terms, no impact on the Exchequer tax receipts. Is that interpretation correct?