Pearse Doherty (Donegal South West, Sinn Fein)

There is very little to add what has been said because Deputy Seán Fleming has made the argument very well. It is worth listening to what he said. His party has experienced the wrath of the public for similar exemptions, similar mistakes in the past, as he acknowledged. This is a big mistake the Government is about to make. I agree with the Deputy that many people are unaware of why approved retirement funds, ARFs, will not be subject to the levy or a similar taxation measure that would have the same imposition as it would on other private pension holders. While listening to the Minister's response, as he read from his briefing note, I was expecting to hear some reason as to why we could not do that. I understand the position in terms of the imputed tax.

The Minister can correct me if I am wrong but I understand that in the case of person who has drawn down from his or her pension funds, no different tax is imposed on him or her as against a person who has drawn down from another fund that will be subject to the levy. The Government is about to make an unequal imposition. We have heard the names who have been referenced on many occasions in the Dáil and that strikes a chord with the public. There is a great deal of anger among the public at the activities of individuals in the banks. This is not just about getting about at Seanie FitzPatrick or anybody else who was partly responsible for wrecking the economy. The Government Chief Whip used the term "the biggest gangster in Ireland" or something similar on the floor of the House. The Government is exempting from this type of fund those people, about whom the Government Chief Whip made that accusation under privilege on the floor of this Chamber.

This is not about exacting vengeance or getting back at those people. The reality is that the country is "banjaxed", to borrow a phrase. We need money. The Government has decided to tap into the savings of many low to middle income earners who have put aside money for a modest pension and it is about to exempt the high net worth individuals from this same type of initiative. This is about fairness and who can best afford to take this hit.

I do not agree with the pension levy. The Minister will note we have an amendment tabled proposing the deletion of the section. If the levy is to be imposed, at a bare minimum it must be extended to include those who have ARFs. There are ways to do that.

From the Minister's comments, it seems he is at least disposed to looking at that in the context of the finance Bill that will give effect to the budget but there is no reason we cannot do it now. If it is not to be done today, this Bill will go to the Seanad and an amendment can be proposed to it at that stage.

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