Brian Cowen (Laois-Offaly, Fianna Fail)

My reply to the Deputy is that there would appear to have been unapproved schemes going on without the knowledge of Revenue. There are approved schemes, if employers want to incentivise employees, various employee share ownership trusts, ESOTs, for instance, save-as-you-earn share option and approved share option schemes, which enable this practice to be carried out on an approved basis. I cannot accommodate unapproved schemes, which were not brought to the attention of Revenue, and about which it has some information at present. These approved schemes are available to all companies which meet the necessary requirements, including Irish ones. Such schemes must generally be available to all employees on similar terms. The approved share option scheme, however, has some flexibility for key employees as regards the fact that similar terms rule and they can receive more favourable treatment. Therefore if companies have a specific issue they want to discuss with Revenue, they can do so within the parameters of approved schemes, not ones they concoct themselves.

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