Joanna Tuffy (Dublin Mid West, Labour)

I am not unsympathetic to much of what is contained in the Sinn Féin motion but I welcome the Government amendment which takes on board the issues raised by Sinn Féin. The amendment recognises the need to maximise the value of any natural resources to the Irish people. It establishes that there will be an in-depth examination of the issue of how to maximise the gain for the State from exploration and future finds. This is set out in the amendment and it provides a specific time for when the committee would report, within six months of referral of the matter in question to it. The proposed committee would examine best practice worldwide and would be given the resources to invite world experts in the field to appear before it. All the people who have expressed a view could contribute to the work of the committee. I believe this is the correct approach.

The Sinn Féin motion refers to a 51% stake for the State. However, a study of the issue suggested a stake as little as 10%. For example, if this was applied to the Corrib gas fields, it could have given the State €1 billion. We must examine these matters and make a decision on the best approach. The Government amendment embraces the potential for different points of view, including that of Sinn Féin, to be examined, considered and taken on board. The issue of the stake the State receives from natural resource finds should be examined. A former Labour Party Minister, Justin Keating, introduced the 50% stake on royalties and that issue should be re-examined.

I do not accept the argument put forward to the effect that the arrangement is too expensive for the present regime. The companies which tend to carry out exploration take the risk. Shell is an obvious example. It takes the risk and a stake only kicks in once there is a find. I see no logic in the argument nor do I accept that because a business takes a risk, it should not have to pay tax on the profits it makes. I agree with the idea of a stake. The issues of geothermal and wind energy must be considered, as must the issue of proper planning and public participation.

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