Brian Lenihan Jnr (Dublin West, Fianna Fail)

Full details of all of these and other taxation measures are contained in the summary of budget measures. The total tax and levies measures will raise €1.8 billion in 2009 and over €3.6 billion in a full year. The measures I have outlined have necessarily concentrated on income. I am now giving notice that, in 2010 and 2011, I will turn to other areas of taxation to secure the necessary adjustment.

Restoring the Credit System

The global financial crisis has caused extensive and rapid government interventions across the developed world. Governments have intervened time and again to preserve financial stability and maintain their banking systems. Here in Ireland, through the bank guarantee, bank recapitalisation and the protection of public ownership, we have provided very substantial support to the banking sector.

Our sole objective is to ensure that householders can access credit for home loans and consumer credit, that small and medium-sized businesses can fund their enterprises, that deposit holders have confidence their money is secure and protected and that international investors are satisfied about the stability of our banking system.

A key pillar in our economic renewal is a well regulated financial system. This is essential for domestic and international confidence and credibility. The actions of those who have tarnished the reputation of Ireland will be dealt with through the appropriate processes.

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