Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I do not intend to get into the tracker debate during our deliberations on the Finance Bill. Quite a lot of work has been done on that issue, as the Deputy is aware. The banks met the Minister for Finance, Deputy Donohoe, a number of weeks ago and it was agreed that 12,000 of the 13,000 customers who were identified at the end of September would be paid before the end of this year. We expect the banks to do that. That is the position. I have not seen the 6,000 figure that the Deputy has quoted so I do not intend to get into that debate now.

In terms of a wealth tax, that is not something we intend to do. This Government has said that it is not going to implement a wealth tax. There are already taxes on wealth, including capital gains tax, capital acquisitions tax, stamp duty and the local property tax. The vast majority of wealth in this state is in people's principal primary residence and there is a low rate of tax on that. The local property tax brings in €470 million. We discussed it a few moments ago. If Deputies want to tax wealth, that is where the bulk of the wealth in this society is held. If they are proposing to increase the property tax, that is a proposal with which I do not agree. We have a low rate of property tax and I am glad that it is low. That said, it has broadened the tax base. Capital gains tax, DIRT and stamp duty are also wealth taxes and they bring in about €2 billion per year out of a total of approximately €60 billion. These are our wealth taxes. If the Deputies are arguing that they should be increased, that is an argument we could have but that is a separate conversation. It is not part of this Finance Bill or this budget.