Joe O'Reilly (Fine Gael)

While I accept the Cathaoirleach's ruling arising from Standing Orders and its objective legitimacy, it is a pity Members are unable to debate the proposed amendment because it was an attempt to return more of the unearned profits directly to consumers, reduce costs and charges to consumers and lower energy prices. While drawing Members' attention to my party's advocacy of this legislation, my colleagues, Senators Coffey and Buttimer, said on Second Stage last week was that Fine Gael took grave exception to the tardiness of its introduction. It is a great failure of the Government that this was not achieved a couple of years ago. Fine Gael has been advocating implementation of such a windfall tax, through Deputy Coveney in Dáil Éireann, for a couple of years. Consequently, this legislation is welcome, although it is late in appearing. Fine Gael advocated such measures early, continues to do so and still supports the principle behind it.

I ask the Minister to consider imposing an 80% rate of tax to enable better benefits to accrue to the consumer and reduce energy costs. One of the best methods and most likely ways in which success will return to the economy and enable the country to emerge from recession is by improving competitiveness in respect of exports and domestic production. Our pricing must be competitive. Central to such competitiveness and competitive pricing is the cost of energy. This is the reason I suggest to the Minister that a rate of 80%, rather than 65%, would be more apt. Electricity generators are earning a profit by charging consumers for the cost of carbon, despite having received an allocation for carbon allowances from the Government that allows them to emit carbon freely until 2012. I will not go through the case to be made for the amendment, given that it has been ruled out of order, but my point is that in the interests of consumers, competitiveness and creating an economy fit to compete in global markets, there is merit in increasing the charge to 80%.

Although Fine Gael supports the legislation, I again underline a point without digressing from the legislation in hand. However, the commentariat, to use that often used expression, in the economic and every other sphere now accepts that Fine Gael's position on the good bank-bad bank proposal was correct. Government policy is evolving towards that position, as is the proposal Anglo Irish Bank has made to the European Commission. Fine Gael is equally correct on this legislation. This is another example of the party's foresight, as I am sure Senator Walsh will acknowledge. Although it may take the party a while to get across its message, it is happy that it will actualise at some point, although one would wish to see it occur earlier. I reiterate that Fine Gael's preference is for a rate of 80%, rather than 65%.