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

If the Deputy saw me making a head motion, it was in response to the Deputy's claim that we could apply a minimum effective corporate tax rate to our banks. Neither I nor any Minister for Finance can apply a corporate tax rate that would be selective to one part of our economy. It would have to be applied to all. As I am cognisant of the risks the Deputy has outlined, with which I agree, I can think of few things that would be more inappropriate than indicating that Ireland will move to a rate of minimum effective taxation for all companies located here. That is what we would have to do if we moved to a system of minimum effective tax rates for our banking sector, as the Deputy is suggesting. I have grave concerns about that and it would be completely counterproductive in light of the various risks the Deputy has discussed. It would also be very consequential in view of the debates under way at OECD level on the future of corporate taxation. I hope that has addressed the Deputy's proposal regarding minimum effective tax rates in this jurisdiction.

I will comment on the policy and then on the Deputy's amendment. The amount of money the Irish taxpayer invested in our banks is etched into my mind each day. I want to get that money back. If we change the tax regime for our banks, which I do not believe is possible without also changing it for other companies located here, we would move even further away from getting that money back. Deputy Burton recognised the consequences of the Irish taxpayer putting so much money into our banking system at the time. Years later, that money is still there. I want to get it back. I do not believe we can change how we tax that part of our economy, but if a way were found to do so, we would be further away from getting that money back. We should be getting it back to pay down our debt in order that we can use it for other good things on which the Deputy would want to spend it.

The Deputy said she wanted some information. I disagree with her in that I think there are currently far greater enemies to our democracy than the lack of technical detail. We produced a report on this last year which would have answered the Deputy's questions. That report is now a year old. However, we can have a look at the figures involved and update them via a note to the committee, if that would be of help to the Deputy and the committee. The Deputy has raised important questions of public policy, and I can furnish her and other committee members with the updated figures relating to those issues. I ask her to withdraw her amendment. Even if she does not do so, I will ensure the updated figures are supplied to committee.