Alice-Mary Higgins (Independent) | Oireachtas source

I thank the Minister of State. I hope that he will work to find a solution to this issue, be it through the sunset clause, a limitation or a differentiation between the kinds of loss that can be used.

To be even simpler in terms of the description of what was happening here, as the Minister of State said, this is another measure that will give companies a chance to use tax previously paid except that they are using it in terms of past profits rather than future profits. The State is actually giving support to companies in a crisis. That is the reason it is very relevant in terms of what happened in the past because we have rolling sets of crises. We had the crisis in 2008. The State supported the banks at that time. We have a new crisis now. The State is finding other ways to help. This is money we are spending. I believe it may be money well spent in most cases. If it is allowing a small company or business to keep going, that is fine but this is money for measures that will keep open companies employing people and we need to make sure we do not have very large legacy measures that will be exploited for many years to come.

I can guarantee, unfortunately, that we will face another crisis of some kind between now and 2037 or 2038. The idea that through this crisis banks do not pay their share when we helped them the last time and that they will not be paying in to help all those small companies that need support is a concern. I accept the Minister's bona fides. I know he is hearing me on this issue. I hope that he will work with all of us across the Houses to find a way to deal with this issue, even if it requires legislation, and I hope that we can move forward on it. There are many individuals across Ireland who would love to be able to write off this year's losses against future or past taxation. It is a measure that we are giving to companies and we need to be very vigilant that the companies that most need it get it and that it will not go to companies which have long periods of good times at our expense.