Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his response. I welcome that he plans to set up a working group to examine this and related issues. I recognise the budgetary reality but it is particularly important in the context of the very low returns available in the present environment. The reality is that people earn little or nothing on their savings. The effect of having this differential between the DIRT on traditional savings and deposit accounts and the exit tax rate on longer-term products is that it incentivises people to put money into traditional banks, savings and deposit accounts where they are currently earning little or nothing, where other products tend to be longer-term in nature. Hopefully the working group will take these points on board and I look forward to engaging with them along with colleagues. I will not press the amendment.

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