Seán Sherlock (Cork East, Labour)

I refer to the stamp duty on cheques and bills of exchange. While many people engage in on-line banking and make electronic payments, we have not reached the stage where the bulk of people make such payments by those means. The facilities do not exist in the community or the commercial sector. For example, if one goes to a builders' providers it is not always possible to make electronic payments. This is an unfair measure, especially for older people who still rely on the use of a cheque book. This is a sneaky way to raise a few bob.

Let us suppose a person has a mortgage and there is a life assurance policy tacked on to that mortgage. Is that person susceptible to the proposed increase vis-À-vis life assurance and investment funds? This would have the net effect of increasing the cost of mortgages for a certain sector. It is proposed that this would yield €13 million per year. I seek clarification on this matter.

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