Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Deputy Doherty said a moment ago that he has decided what the policy outcome is on the basis of his views and the information available to him, including his engagement with a single bank. I have other considerations to bear in mind as well apart from the view of a particular bank. Given Deputy Doherty's understandable focus – it is one I share – in trying to have evidence, facts and views available to him before he reaches a policy view, I would have thought that a consistent position would be to allow me to spell out in the coming period the consequences of a move like this.

That is not what Deputy Doherty is asking me to do with this amendment. He is saying this is what he wants to happen, as he has already said. The main interest of my party is not, as Deputy Doherty suggests, to look after the interests of the privileged few. My objectives fall into two different areas. First, I want to ensure taxpayers have a path to get back the money invested in these banks. I thought Deputy Doherty had a similar view. I want to ensure that we get back all of the €28 billion invested in the banks and I hope Deputy Doherty shares that view – I believe he does. The advice and information available to me suggests the maintenance of the bank levy in the medium term and the ability for us to regain the investment over time. If the Government decides to dispose of its shares in those banks, we can then have a debate on what we do with the proceedings of those disposals. The path to regain that money is best served by indicating that we believe the current tax policy is the appropriate one.

I reiterate the point in respect of what Deputy Murphy said. I want taxpayers to get their money back and I want to ensure the money we have invested in those banks comes back to us. While these banks have returned to profitability, it is a return to profitability after many years of losses. Otherwise, I would not be in this situation or dealing with the questions that Deputy Murphy is putting to me. I am keen to ensure that as soon as possible we have a banking system that is capable of meeting the other needs of people. At a bare minimum, this includes handling and resolving promptly issues relating to tracker mortgages, which I expect to see happen in the way I have outlined before. The system must also be capable of meeting other needs in terms of being able to provide the right levels of credit to small and medium-sized enterprises as well as for investment opportunities and purchases that families want to make throughout the length and breadth of the country.

These are the reasons that the course of action I outlined on budget day and again today is the best one to take. I can outline to the committee the consequences of an alternative approach. However, I want to do that clearly in the spirit of saying that I believe the course of action I have outlined in recent statements is the right one. I would be willing to outline to the committee the perspectives and figures that are available to me and that indicate why this is the right thing to do.