Brendan Howlin (Wexford, Labour) | Oireachtas source

I also wish to speak on Financial Resolution No. 3. I have the same perspective as the Sinn Féin Deputy, but I have come to a slightly different conclusion, in that it is wholly inadequate. This is a technical amendment just to hold still on the bank levy. We are going to get €150 million from the banks next year by way of a levy. These are organisations that, individually, are making up to €1 billion in profit. They are writing their corporate tax off against the losses that we as a people bailed out. After we have sold off the bank shares and got what we can, it is estimated that there will be a hole left of approximately €40 billion in debt owed by the banking system to the people of Ireland. That is unfair, especially when a budget is presented that does not give any cost of living increase to people on basic welfare. If the Government increased the bank levy in the way we have suggested from €150 million to €400 million, it would be able to put in place a comprehensive package of social welfare to indemnify the most vulnerable in our community next year against not only the expected inflation cost of 1.5%, but the potential whammy of a no-deal Brexit.

I ask the House to consider rejecting Financial Resolution No. 3, which is a technical "stand still" suggestion. Obviously, we cannot table an amendment because we are not allowed to table an amendment that increases a tax, but I ask that the Government, if the House rejects the resolution, revert to us with a resolution that would give a robust package that would be fair to the people of Ireland who bailed out the banks and suffered incredibly because of bank foolishness and would require the banks, with a view to social justice, to pay their fair share.

See this speech in context