Bernard Durkan (Kildare North, Fine Gael)

I refer to Financial Resolution No. 10 dealing with deposit interest retention tax. This is an extraordinary measure given the emphasis in the past few weeks on the need to encourage savings with the banks, to address the issue of liquidity in the banking system and the measures the Government had to take to address those issues in another arena. A penalty of 3% is being imposed on people for doing the right thing, a disincentive to save. The rate of interest that the unfortunate people will get is very small at present in any event. Will this measure yield €72 million in a full year? Will the Tánaiste, Deputy Coughlan, and the Minister for Defence, Deputy O'Dea, indicate in these straitened times — I realise it is funny and perhaps it is a laughing matter as far as the Government is concerned — how serious the Government is about savings? This is a serious issue.

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