Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The securitisation of loans helped to crash the entire global economy in 2008. The Minister would have to do a fair bit of convincing to persuade me or most people that it is not a very hazardous practice. It is absolutely unacceptable that outfits like Goldman Sachs can purchase these loan portfolios and set up designated activity companies, DACs, in this case Tramore Funding DAC, that can generate €153 million in profits and somehow turn that into a loss. This is not just about that individual company. This is how a huge number of multinational corporations manage to pay nothing like the 12.5% tax rate. They pay next to no tax, or none at all, by using accountancy tricks to write down profits and turn them into losses. The Minister is allowing this to happen.

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