Oireachtas Joint and Select Committees

Wednesday, 29 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. David Duffy:

It is likely to be true, but it is a very important context that one must understand as well, that is because of our deferred tax assets, which I think you are referring to, and those deferred tax assets are incorporated in the calculation of our capital, so those deferred tax assets have avoided the State having to invest capital in the bank, so I think there is a value. It is not just about the tax repayment, there is a value by capital not having to be invested.

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