Paul Coghlan (Fine Gael) | Oireachtas source

Yes, I do and I am grateful to the Chairman for allowing me to speak. I am sorry that I was late and I am trying to pick up on what has been said. I will be forgiven, therefore, if I ask questions that have been answered already.

I am anxious to know what is the basis for this taxation. People are concerned to know what is the status of patronage, loyalty and bonus shares. How are they valued by the Revenue Commissioners and on what basis are they being traded? Am I right in saying they are not plc shares? Are they a category of a co-op share? If so, they are only paper shares until they are converted to plc shares. It is my understanding that only plc shares can be traded in the stock market.

Revenue's representatives referred to a test case and said they would write another letter. I am glad that they will do so. Perhaps it might be possible for us to see a copy or draft of that letter for information. The Chairman has said there are many other institutions and co-ops throughout the country. Perhaps, therefore, there are other similar instances in which such categories of share have been issued and those involved have not received such letters. Perhaps farmers in County Kerry are being treated as guinea pigs in this case.