Sean Barrett (Independent) | Oireachtas source

Could there be a more open cost-benefit analysis of the strategic investment plans? When they do not work they leave the debt mountain in place and we do not get the increase in GDP. There is a "free money from Brussels" syndrome in spending that money. I hope there is a high standard of project appraisal to prevent a recurrence.

The anti-money-laundering directive and the anti-abuse clauses for parent and subsidiary companies are pertinent in light of the reports on HSBC's involvement in tax avoidance and evasion. It is important that, at a time when public morale is low in regard to taxation, banks and accountancy firms are not allowed to shunt the burden onto average people. Margaret Hodge, MP, the chair of the Public Accounts Committee in the UK, pointed out that some of the financial institutions which not long ago were knocking on the UK Treasury's door to ask for a bailout are now facilitating tax avoidance in a number of countries, at great cost to the rest of society but substantial profits for the banks.