Oireachtas Joint and Select Committees

Tuesday, 15 November 2016

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach

Finance Bill 2016: Committee Stage (Resumed)

2:00 pm

Photo of Eoghan MurphyEoghan Murphy (Dublin Bay South, Fine Gael)
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I do not think it was anticipated that section 110 would be used this way. It was known by Revenue and the Department that section 110 could be used to securitise such assets, but not that it would be used in this way and that there would be such a loss of tax to the State.