Michael Noonan (Limerick East, Fine Gael)
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Question 61: To ask the Minister for Finance his views on the decline in receipts from DIRT tax in the Exchequer returns published on 2 November 2010; and if he will make a statement on the matter. [41606/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Receipts from Deposit Interest Retention Tax (DIRT) were c. €150 million below profile in October. The DIRT yield has displayed volatility in the past, with considerable increases in recent years, from €144 m in 2004 to a peak of €654 m in 2008. The DIRT yield in 2009 was €614 m. Interest paid or accrued in respect of relevant deposits is chargeable to DIRT at a rate of 25%. Preliminary DIRT payments were made on 20 October 2010, with the balance of DIRT for 2010 due in January 2011.

The fall in the DIRT yield can be attributed to a number of factors, including: a fall in the level of deposits; a decrease in the deposit interest rates offered by financial institutions; the influence of current financial conditions on the behaviour of depositors; and the withdrawal of certain financial institutions from the retail banking market.