Michael Noonan (Limerick City, Fine Gael)

There is well over €80 billion in the pension funds. We are not speaking here about little pools of money. There is well in excess of €80 billion in the pension funds about which we are speaking. Many of those funds have been accumulated because of the tax relief. As I stated previously, I believe it is reasonable to take a small stamp duty for four years from the accumulated value of the pension funds because of the difficulties we are in, in particular given people in receipt of €80 per week are expected to pay the universal social charge. There must be some equity in this. As I said, I have yet to identify a popular tax or one that is universally popular. There are difficulties with any tax, but this has the least impact on the domestic economy. There are some difficulties, but they are not typical. Pension funds lost money in the middle of the crisis, but in the last 15 months or so they have been going well again. The international markets, whether in the United Kingdom, elsewhere in Europe or the United States, are booming. If the Deputy looks at the Dow index on the financial television stations some night, he will see it has gone away up again. It is heading towards a figure of 13,000, back to where it was at the peak of the market. It is not true to say pension funds have not been going so well. The figure I have been given is that funds are expected to grow by an average of 6% in the next three or four years. That is the estimate, although it is subject to checking. That would be a reasonable return.

What we are doing is reasonable. I ask Deputy Michael McGrath to give me an alternative. Does he want me to go after excise duties?

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