Eileen Lynch (Fine Gael)

I thank the Minister of State for his reply. I am glad to see that, with respect to many of my previous comments, we seem to be very much on the same page. I note he acknowledged the report from the European Commission today.

On the Minister of State’s comments on the reduction of the exit tax on investment funds, I welcome the measure, but this change will primarily benefit those who already have or are inclined to invest in an investment fund. Progressing this exit tax reduction should not prevent the establishment of an Irish model of savings and investment accounts in line with what is in the European Commission's report today. I fail to see why the progress being made and the reports and suggestions being reviewed, covering retail investments, should prevent us from introducing savings and investment funds for normal borrowers and normal savers.

If you look at all the money in deposit tax, the return from the DIRT, you will know that swapping over to investment would come at a relatively low cost to the Exchequer. We have a budget coming out next week and it is vital that we consider making this part of it. I appreciate that such a measure may not be part of the coming budget, but encouragement should be given by indicating this is the way we are going and that we are moving forward at a more rapid pace.