Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

This year we have brought about a reformed budget and finance scrutiny process which has been very beneficial. Further work must be done in the sphere but this gives us an opportunity to review, debate and plan how we protect Irish people's taxes and invest their money in public goods in advance of making decisions. In the course of the debate on the Finance Bill we speak about very technical issues, but ultimately we are trying to protect the tax base and protect revenue streams so we can invest them in schools, hospitals, playgrounds and everything else that is so important to the fabric of citizens' lives.

With regard to the point raised by Senator O'Donnell on loans purchased from the original institution which offered the loan by foreign institutional investors, as he is aware legislation was introduced to give the same protections and regulatory scrutiny to borrowers regardless of who held their loans. It is on a voluntary basis. If the finance committee would like to discuss this further, regarding what may happen next year, the Minister would be willing to do so.I also know the Minister progressed further measures this year as well to protect people, be they in mortgage debt or business debt, who find themselves in a very difficult position of having the burden of a distressed debt. It is very distressing. More work can always be done and we will continue to look at what we are doing to make sure that we are helping people as best we can. If the Senators wish to discuss the matter further in the finance committee next year I am sure the Minister will make himself available at the earliest opportunity.