Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The amendment is very clear. It asks the Minister to lay before the House a report on the options to restrict banks carrying forward losses against their taxable profits. These banks caused massive pain in this country. They are now profitable and should pay tax on those profits like anybody else. For the Minister to introduce measures in previous Acts which allowed them to carry over losses for a huge amount of time means they will be reducing their corporation tax liability to the State for a significant period. This is a ten year period over which they are allowed to do this. Bank of Ireland is paying dividends to shareholders. These banks are profitable again and they need to make their proper contribution to the State as any other business is asked to do. I have gone through this before with the Minister and I have referenced what the late Brian Lenihan said about section 396C when he was dealing with this at the time. I am sure we will revisit it on Report Stage. This was to ensure that banks becoming profitable would pay their proper corporation tax at an appropriate point in time. This is another major dig out for the banking sector. If the Minister is so convinced that this is the proper thing to do, he should produce a report, lay it before the House and convince us in black and white that this has no impact and is just a timing issue and all of the rest.