Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have raised the contribution the banks are paying to the State, which is absolutely ridiculous, on numerous occasions. The only contribution they are paying is the bank levy. As we know, they do not pay corporation tax because they are allowed to carry forward losses. The latter reduces their tax liability and will continue to do so for more than 20 years. This changes the rate but keeps the amount of revenue to the State at the same level. If we look at what we do compared to what happens in Britain, it has a bank levy and does not allow for 100% of losses to be carried forward.

They also have an additional surcharge for the banks in the payment of corporation tax, whereas we do not. We also allow them to carry all of their losses forward, which means that they will pay no corporation tax. We have a bank levy which is not of the scale required, given the massive costs the banking sector inflicted on ordinary people the length and breath of the State. This section will do nothing, bar keeping the amount of revenue at the same level applied in previous years.