Eoghan Murphy (Dublin Bay South, Fine Gael)
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The purpose of the amendments we are making, and I note further amendments will possibly be made on Report Stage because we want to ensure the language is tight enough to capture any leakage of tax out of the State, is to ensure where there are taxing rights and tax owed to the State where the transaction is based on an asset that derives its value from property that those taxes be collected. The amendments speak to ways in which to capture these taxes where the securitisation is taken in section 110 and derives its value from property backed assets. This is in the intention here. The Deputy has spoken about potential loopholes in the amendments as drafted, but the intention is there would be none, and there would not be any leakage out of the State in terms of money owed to the Exchequer post this section being agreed and enacted.