Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Listening to the Minister, one would swear these banks were broke and that any tax they might have to pay, just as every business out there pays its taxes, they would have to absorb through higher interest rates and charges on the public just to keep their heads above water. The reality is very different. Bank of Ireland has reported its profits for last year. Its underlying profits amounted to €935 million and it is not paying a penny of corporation tax in this State. Permanent TSB told us that on the back of the sale of performing loans to vulture funds, it made a profit of €94 million last year. Tomorrow we will know the profits that have been made by AIB. We know that its profits for the first six months of this year amounted to €762 million, so total profit is likely to be in the same region as it was last year at €1.5 billion. These are some of the most profitable banks in Europe. Combined, these three banks have made approximately €2.5 billion in profit but have not paid a penny in corporation tax. There has been a change in the law in the past. The Minister changed the law to reduce the restriction and reduce the cap. Is it not time to ask the banks to do what every other business does and pay their taxes in a fair and timely manner?

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