Paul Gavan (Sinn Fein) | Oireachtas source

I move recommendation No. 31:

In page 154, between lines 11 and 12, to insert the following:

“Report on Banking Levy

96. The Minister shall, within six months of the passing of this Act, prepare and lay before Dáil Éireann a report on the banking levy and, in particular, the effective rate of the levy relative to the net interest income and operating profits of in-scope credit institutions in each of the years since its introduction, and the effective rate of equivalent levies in EU Member States relative to the same base, additionally make reference to the government's decision to ignore senior legal advice on ensuring banks contributed to the defective concrete block scheme.”.

This recommendation calls for a report on the banking levy. I made a reference to it in my initial speech. The recommendation states that:

The Minister shall, within six months of the passing of this Act, prepare and lay before Dáil Éireann a report on the banking levy and, in particular, the effective rate of the levy relative to the net interest income and operating profits of in-scope credit institutions in each of the years since its introduction, and the effective rate of equivalent levies in EU Member States relative to the same base, additionally make reference to the government's decision to ignore senior legal advice on ensuring banks contributed to the defective concrete block scheme.

The recommendation speaks for itself. Sinn Féin is clear on this particular issue. We believe the levy should be increased substantially. The banks are making out like bandits at this point and yet this Government does not want to increase the levy. It is not the right stance for the Government to be taking.