Brian Cowen (Laois-Offaly, Fianna Fail)

Senator Quinn asked how the country would deal with the question of philanthropy. A dialogue is required on that area. There is no doubt that private wealth has increased. We have not had a culture of philanthropy in the past of any great magnitude because not many people had the wealth to be philanthropic. In all these issues we must have balance between the public policy objective of ensuring that people can provide assistance to worthy causes through the charities Acts and so on while not allowing total discretion to those with assets to decide how those moneys will be spent if they do not come through the Exchequer system. In other words, we must ensure that everyone is seen to be paying their fair share while at the same time finding a means that will enable this culture of philanthropy to flourish. I am interested to discuss that issue in the coming months and hear what people have to say about it to ensure it is dealt with maturely and properly and not be considered subsequently to be some means of helping people on higher incomes to do as they wish with their income while keeping it out of the tax system.

I understand the point being made and agree that in wealthy societies it has proven to be an issue that is being accommodated. The Senator mentioned the private benefaction in American colleges and because of the level of benefaction, many of those major universities are the leading research centres of the world in a range of scientific and other areas.

I set up the Social Finance Foundation, which is a financial intermediary through which it is open to people in the private sector to subscribe to the Social and Finance Foundation. Where they do not have individual discretion on specific projects they wish to fund they are enabled to contribute to a foundation which is seeking to grow social finance and bring social capital to the communities of Ireland in a way that is more general in character than specific in terms of getting tax relief to do a specific project. I may be interested in asking people to consider a tax relief in respect of a general benefaction to such a foundation. Those people would know that the money they put forward would go towards purposes with which they would generally agree. That is an area for consideration in the context of that debate. I will get back to the Senator on the specific points he raised because I will not be able to cover them here.

Senator Cox raised specific issues and although they are not my line responsibility, that does not mean I am not interested in them being resolved. A propaganda line has been pushed by members of the Opposition throughout the west——