Pearse Doherty (Donegal, Sinn Fein)

If I may finish, it is obvious the advice was given to the Tánaiste by bankers or somebody who is sympathetic to their situation. What does it translate to? If we ask banks to pay corporation tax on their €5 billion profit, they will increase the charges on Irish people. That is what the Tánaiste is saying. It is why the Government does not want to do anything and will allow the banks not to pay tax for another decade in some cases. That is the threat.

God forbid we ask banks that are making €5 billion profit to pay the appropriate level of tax that everyone else pays. Indeed, under this measure, they would still be able to reduce their tax significantly because they would be able to carry 50% of their losses forward. It is just unbelievable that this has happened. The Government will not do it to banks, but it will put up the price for ordinary people. Motorists will have to pay more for home heating oil, petrol, diesel and the local property tax. They will have to pay more for bloody everything but when it comes to banks that are making €5 billion profit, the excuse the Minister for Finance is using to not do what I and Sinn Féin are asking is that he is protecting the public. He is not protecting the banks but, rather, the public - wink wink, nod nod. That is why he is allowing these two banks that make €5 billon profit to pay no tax. Some banks will not pay any tax for another ten years. Honest to God, Waterford WhispersNews would not have a look in.

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