Tom Parlon (Laois-Offaly, Progressive Democrats)

I thank all the Deputies who have contributed to the debate. As they know, the House is currently coping with a significant volume of urgent legislation and I am grateful they appreciate the need to make progress on this highly technical Bill, which is devoted to a specialised but strategically important niche sector of our financial services industry. I appreciate what Deputy Finian McGrath said. He has been eloquent in his support of jobs but I would remind him that the financial services sector accounts for more than 19,000 jobs. In addition to all the PAYE revenue that arises from that sector, it also accounts for more than €1 billion in corporation tax. Despite the Deputy's other concerns therefore that sector is a major contributor in that regard.

I do not agree with his comments on the island of saints and scholars. I have just returned from South Africa where I represented our country. All they can talk about there is the magic of our Celtic economy, how it was arrived at, and how they could possibly copy our model. Having spoken with other ministerial colleagues who travelled abroad recently, I know that the success of our economy is the talk of the economic world. Therefore, I do not accept the derogatory terms used by Deputy Finian McGrath, which relate to a myth.

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