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

I will make two points in response to Deputy Burton. We have debated this before. I have exchanged views on the matter with the other Deputies here this morning. The banks to which the Deputy is referring and that are the subject of this debate are banks in which the Irish taxpayer has an investment or equity of between €11 billion and €11.5 billion, as she well knows. One of the greatest contributions I can make back to meet the needs of the taxpayers who supported the banking system at a time of crisis is to get their money back. The Irish State had to borrow to put money into the banks. Our national debt, as a result, is higher than it should be. I want to get the money back. The Deputy has a different view on what we should do with the money when it comes back, as was the case when receiving some back from the disposal of the share in AIB. The Deputy has put a different case forward regarding how it should be invested. I believe the right thing to do was to put the money we got towards paying back the additional debt we incurred as a result of having to put money into the banks.

My assessment and recommendation to the Deputy today is that if she shares my view on trying to get the money back and also on some of the other points she touched upon, such as the need for more investment in infrastructure, we should use the banking levy as I propose. We know we need our banking system supplying more credit to allow more homes to be built, for example. We know issues arise over the pricing of products within Ireland by comparison with other countries we might compare ourselves to. I want to see improvements and changes in this regard. When I consider all the competing objectives, my assessment is that the best course of action for us, up to 2021, is to use the banking levy as a way of regaining revenue and getting value back for the taxpayer, as opposed to what Deputy Doherty is asking me to do today.

I repeat what I indicated earlier, namely, that while I am not going to indicate I am changing my policy direction on the banking levy, I will revert to the committee. Perhaps we can deal with this matter on Report Stage and outline the consequences of alternative courses of action. Based on my understanding of those consequences, I believe the retention of the banking levy is the most sensible option to allow us to get money back while also delivering on the other objectives I know the Deputy would want me to achieve for our banks.