Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael)

I thank the Minister of State but I would still ask him to look at this. The Irish Brokers Association gave a presentation yesterday to the Joint Committee on Jobs, Social Protection and Education and argued very strongly for the case of pension funds being released on a once off basis. It also argued that the Government should take a 20% tax and to put all of that money back into our economy.

I also mentioned AVCs, additional voluntary contributions, which are over and above pensions that were saved. Many people bought AVCs during the boom when they were paid bonuses and so on. I also ask the Minister to look at section 19 of the Finance Act. I got a tax consultant to look at it and she felt it is a very unfair part of the Act. I think a review of that section would help many distressed mortgage holders and many people in business who are in trouble. It would also provide a huge boost to our economy if that money was to come back in. I know it has not happened, but the Irish Brokers Association pointed out that it has happened in California, so I ask the Minister of State to look at that model.

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