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

In the aftermath of the Finance Bill that passed through this committee, I made a commitment that early this year, we would produce a paper for this committee. It would outline the consequences if we were to change the tax treatment of deferred losses within the Irish banks. I will check to see where that paper is and that we can get it to the committee in a speedy manner. That will outline some of the consequences we would face by virtue of making that policy change. That is not what I plan or intend to do as it would have consequences that would create difficulty for us elsewhere. As I have said in the statement that I made that day is, there are options that are open to me, both as Minister for Finance and as a shareholder, apart from a measure like that and I will be willing to take them.

As for the mechanism for it, however, it is important to be clear that it will not be a case of me deciding whether the banks have met their obligations or targets or even, with respect, the committee. It will be the Central Bank. It will report back to me to give me a view on where this issue stands and I will be guided by its assessment.