Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

What the Minister is trying achieve is completely unacceptable. He stated that up to €650 per annum in interest will be exempt on a five-year account. At a rate of 3%, €650 would involve a deposit of up to €21,300. That is the relief that has obtained to date. The deposit could easily be that of young people or working people trying to put a house deposit together. It is not real or massive wealth. What is occurring is completely unacceptable. The Minister stated the figure pertaining to a three-year deposit account is €480. This would be associated with a deposit of €16,000 at a rate of 3%. These are very modest amounts of money in the present context, in which people require relatively large deposits to purchase a home, if they want a home of their own, or to start a family.

In my view, removing these exemptions is another blow to people who are not wealthy by any means.

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