Luke Flanagan (Roscommon-South Leitrim, Independent)

We seem to have a major problem with breaking contracts with big multinational firms but if one is a student nurse with a promise to be paid in one's fourth year there does not seem to be any problem about breaking such a promise.

I noticed on the Department's website in advance of the election a description stating we had one of the most attractive giveaways in the world. For many finds the State will make no more than 25% of corporation tax charged on profits after allowances are made. Any two-bit accountant would be able to move the money around in such a way a company need never have to pay on any profits. For very large finds the percentage goes up to only 40% which compares very unfavourably with other parts of the planet. One need not be necessarily left wing or right wing. It seems we got a bad deal full stop, no matter what way one looks at it. According to a report prepared by the former Minister of State, Conor Lenihan, in North America the minimum government stake is 42% and may rise to 60%, South American governments get between 25% and 90%, and the take in sub-Saharan Africa ranges from 44% to 85%. For some reason, we seem to settle for less, as usual.

Favourable licensing terms have been defended in the past on the basis that we still need to prove the potential of Irish waters to yields of sizeable oil and gas finds. That may have been a valid argument before but what is the point in changing the rules after everything is given away? It appears to me we will get nothing out of this and I cannot understand why other countries have managed to get something out of it but not us. Then again, all one need do is look back at the name of Ray Burke to see who is connected to this. One need not be a genius or expert on political history in this country to see that much. I would not have him sell my car and expect to get the full value back.

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