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

The banking sector is already paying a level of tax, which is the corporate tax it pays, although that is reduced by the levels of losses it carries forward. The sector is also paying the banking levy. The report we published a year ago went into many of these various arguments. For example, it went into the issue of the likely effect of this on the share price of these banks. The owner of those shares is still the public. I want to get that money back. I have already made that argument, and I will not restate it. The paper also went into the kinds of issues that could affect the capital levels the banks are required to have and how a change in this policy could affect the capital levels on the banks' balance sheets, which would have other consequences, for which the Deputy would no doubt then hold me accountable.

The main reason I brought in the subject of FDI and international investment is the simple, key point that it would be gravely difficult to change the treatment of losses for a particular part of our economy, for particular companies within our economy, without accepting the fact that in all likelihood this would have to apply to many other companies apart from banks. This would have significant consequences. I bring this up because the Deputy made the point and argued that we should apply minimum corporate tax rates, as far as I recollect, to banks. I find it very difficult to see how we would be able to do that just for banks. I will say what I have said to Deputy Burton already. My understanding is that she is looking for figures and information, and I am happy to update the figures we have, which are now a year old.