Susan O'Keeffe (Labour) | Oireachtas source

Thank you. In relation to the cost of tax expenditures, and I know you've discussed this with other members, according to the OECD, by 2005 the cost of tax expenditures had become larger than the remaining income tax receipts. This is in the Regling and Watson report, page 27:

As a percentage of total tax revenue, tax expenditures in Ireland are more than three times larger than on average in the EU. Again, this excessive reliance on tax relief narrowed the tax base. In addition, it contributed - again - to the property bubble, as some of the tax relief was directed to the property sector.

So, I just want to know, because you said earlier on, Mr. McCreevy, that there had been tax breaks, if you like, in Ireland for 50 years. And I've no doubt that that's true. All I'm saying is that the OECD's observation was that by 2005, they were way higher than in any other country, and they were narrowing the tax base and they led to a property bubble.