Joe Neville (Kildare North, Fine Gael)

The issue that I am raising here today relates to the Irish Stock Exchange and its importance to the success of Irish incorporated companies and, indeed, Irish investors. The decline of companies listed on the Irish Stock Exchange has been well reported, with a decline from up to 100 in 1999 to a current level of 24. This decline is in stark contrast to the growth in the wealth of the Irish economy since then.

Irish people are saving also at a higher rate than they have done before. While this is positive, some of this wealth could be used as investment in Irish SMEs as they transition to publicly listed companies. This could lead to a greater democratisation of wealth and ensure that the value created by Irish companies does not just remain in the hands of the few and, indeed, private equity.

A mechanism must, therefore, be found for savings and investment schemes which would be sensible and tax efficient to ensure ordinary people can benefit along with Irish incorporated businesses. Also, Ireland currently applies a stamp duty of 1% on the trading of shares, which is much higher than other EU states, many of which apply a 0% rate.

With all of this, can the Minister outline what steps this Government will take to ensure growth and renewal in this key area of our economy?

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