Alice-Mary Higgins (Independent) | Oireachtas source

That is a basic principle. That was the case between 2009 and 2014. Mr. Lenihan's successor as Minister for Finance, Mr. Michael Noonan, changed and widened that scheme so that 100% of all profits made by the banks could be written off. The Comptroller and Auditor General, who sets and measures the financial interests of the State in a way that is beyond and separate from all of us, has estimated the cost to the State of the deferred tax assets scheme will be €29 billion, of which €12 billion will arise specifically in the finance sector. That is not me, as an Opposition Senator, saying that, nor was it said by a vested political interest. It is the Comptroller and Auditor General telling us that.

I fully accept the Minister of State's bona fides. The goal of this scheme is to get money to SMEs but the action we are taking to achieve that goal is underwriting the risk for the banks. The State's decision to take that action should be balanced by another related action by which the State tells the banks that, having helped and taken the risks for the banks, we want them to contribute to taxation as any shop, small business, sheep farmer, producer, such as those we spoke about earlier, hotel or any other company would.It is not too much to ask that the banks do that as well. I am simply saying there is a policy link and a continuum. I realise the Minister of State may not accept this in the Bill but I hope that, as Minister of State with responsibility for enterprise, he brings the issue into the discussion and informs the Minister for Finance, in his conversations with him, that the banking sector should pay its share so we can support all the other sectors. That is a conversation that will be carried through in the budget. I hope the Minister of State can accept the report. If he cannot produce the report, I hope he will at least consider the issues raised in it.