Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Minister's reply is a good argument as to why we need the report. I do not intend to go in to all detail. This is complex, but it is not black or white. It is not an either-or and there can be an in between. I do not suggest we get rid of all carry forward of the losses, although that would be desirable because the State would be in a better position if we did not have to recapitalise them because it would mean the profits would be taxable sooner for ourselves. There is a need for a report. The Minister stated as soon as these deferred taxes are used at that stage it will put the banks in a more healthy position. At this point in time it does not make a difference. The question a report should answer is if the measure Brian Lenihan introduced in the NAMA Act 2009 were to be introduced what would be the consequences. Perhaps 50% is not the appropriate measure. Perhaps it is 25% or 75%. A report should weigh up all the impacts in terms of the value of the banks. Perhaps auditors would possibly ask them to write down deferred tax assets at a later stage. To tell the truth, if this were done ten years out from now it would be a win win for the people. It would be good for us in ten years time because it is unlikely, given the state of political or policy intention of the Government, that we will have shares in those banks at that point in time. I do not want to press this to a vote. Our time is quite precious as we have a lot to get through and it must be concluded tonight.

We are just asking for it to be set down on paper. If we do not get it, we will continue to have these debates. The Minister has tonight given us more information than we received when we raised the matter previously. Are we going to go through this cycle continually or is there any substance to the idea of new politics? I do not have the resources or the expertise on which the Minister can call in the shape of the Department of Finance and even if I did have such expertise, it would not be independent. We are asking for the information that is available to be put together and presented in a report to be furnished to the Committee on Budgetary Oversight in order that it could look at these issues in the context of the next Finance Bill. It would deal with an issue for which we have limited resources to deal with.

Reports with a completion date should never be part of a Finance Bill, but the only way we can avoid pushing this issue is by the Government giving us a commitment that such a report will be commissioned.

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