Martin Ferris (Kerry, Sinn Fein) | Oireachtas source

I thank Mr. Phelan and his colleagues for attending this meeting. Like most of the Deputies and Senators that have spoken here today I come from an area most affected by this issue which involves money owed by 400 or more farmers. It strikes me as strange that this matter has become an issue after 19 years. What happened in the intervening years that this liability was not detected? Like my fellow elected representatives I am well acquainted with the value of the success of Kerry Co-operative to the local economy and the national economy. It is makes a huge contribution nationally in terms of the number of people it employs and internationally in terms of its produce. As I said, I cannot understand why this issue has come to the fore now. I am not an accountant. What we are speaking about is a loyalty share in return for every 1,000 gallons of milk produced. A loyalty share is a share of loyalty to the economy, local and national. I have difficulty understanding how a person, having not realised the value of that loyalty share, could be tax assessed on it and liable for penalties occurred over time. I am unclear at this point as to whether the penalties will be applicable to the value of the share on date of acquisition or on the current value of the share. It was stated earlier that Revenue will do everything it can to minimise penalties and so forth. If Revenue is statutorily required to apply penalties how then can they be minimised?

I concur with the suggestion made by Senator Kieran O'Donnell and Deputy John Brassil in regard to the 60 day suspension until such time as a case can be determined. It would be a recognition by Revenue of the value of Kerry Co-operative. Again, the question for me is, why now? Somebody telephoned my office this morning and said that there is a letter of comfort dating back a number of years, which is a political letter of comfort. I would like a comment from the witnesses, if possible, on whether if a letter of comfort exists it is no longer applicable.