Brian Lenihan Jnr (Dublin West, Fianna Fail)

That was an indicative figure used for debating purposes over the summer. Obviously, my officials continued to work on the figures and the figures in the document circulated on Second Stage are those which reflect our assessment of the loans involved and which will be transferred to NAMA.

Deputy Burton raised the Tobin tax and the tax liabilities of the banking system. With respect, and with the exception of the windfall levy, this is not a taxing statute. The Finance Bill is the vehicle and forum for a debate on whether banks are engaged in tax compliance or non-compliance. It does not arise here. We are talking about bank assets located, for the greater part, in this jurisdiction — two thirds. The other one third is located predominantly in the United Kingdom and the United States with some other countries involved, mainly European Union member states. That is the position in regard to these bank assets being taken over. The whole debate on how one taxes financial transactions and whether banks are compliant in terms of tax and whether they facilitate tax schemes, tax avoidance or tax evasion is a matter for the Finance Bill.

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