Joan Burton (Dublin West, Labour)

Regarding No. 3, the arrangements for a limited debate tomorrow are not to the satisfaction of the Labour Party. I met officials of the Department of Finance last night who told me the basis of the calculation of the levy is the cost of the increase in the national debt over ten years of the State guarantee to the banks. That is €1 billion divided by ten, which is €100 million per year, to be paid over two years, in two instalments of €50 million. Interestingly, that is the same cost as that which old age pensioners are paying in this budget. The banks will claim €100 million back from their customers but the old age pensioners will not be able to claim their money back from anybody.

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