Brian Lenihan Jnr (Dublin West, Fianna Fail)

On Deputy O'Donnell's question in respect of the inquiry, I have asked the Revenue Commissioners and the Central Statistics Office, CSO, to examine the question of the loss to the Exchequer arising from cross-Border shopping. Officials from Revenue and the CSO met yesterday to consider how best this task can be undertaken. The difficulties involved in trying to accurately estimate the extent of increased cross-Border shopping and the resulting direct cost to the Exchequer from increased levels thereof should not be underestimated. As already stated, there are factors other than taxation differentials at play, most notably the euro-sterling position. The position in respect of the 0.5% is that it is an estimated yield of €227 million in a full year.

Deputy Burton seems to entertain a number of extraordinary economic theories, one of which is that one of my predecessors as Minister for Finance, Charlie McCreevy, is singularly responsible for the collapse in world stock prices.

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