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

Let me go on to answer that question. Earlier, the Deputy asked me what action I took. When I tell him what the action was, he dismisses it as a joke. He had already decided to dismiss it as a joke before I gave him my answer. In regard to what more I am going to do, the Deputy is interested in a headline. If I make a commitment in regard to action, it is action that I have to take. As a Minister, it is appropriate to see how this matter concludes in our courts first. As to my view in regard to this money, I do not want to be in a position where taxpayers funding is in any way being used to subsidise payments in the way I have described but, equally, the guidance I received on this matter is that I can only handle it in a prospective manner and I cannot do it retrospectively.

The Deputy has made the case that we should be taxing these insurance companies. If we were to do so, we would be one of the few jurisdictions that are making the decision to tax the insurance sector more. This is the same sector that we want present in our country, providing coverage to employers at lower prices and providing coverage to all parts of our economy. Can the Deputy not see the tension between the two objectives? Can he not see the tension if someone is running a large insurance company globally and they have made the decision to headquarter a business here in Ireland, providing hundreds of valuable jobs? Does he not see that if the reaction to an issue that a Government may have is to tax that company more, it could have other consequences?