I had to consider that in the round.

The Deputy asked me about those affected. I can give him the information that is available to me this evening, which is that the interest rate for 92% of mortgages held by lending non-banks is 5% or lower. The interest rate for 68% of mortgages held by non-lending non-banks is 5% or lower. While only 68% of mortgages are at 5% or lower, this is an improvement from where we were at the end of 2023. The consumer protection code applies to those affected.

I am advised by Revenue that it is responsible for implementing customs controls on traffic entering the European Union through Irish ports and airports. This includes customs clearance of goods, the collection of customs duty and associated VAT and the detection, interception and seizure of prohibited and restricted products at points of entry into the State. The Union customs code is the legislation governing customs procedures across the EU, to which Ireland is fully committed. Article 139(2) of the code, which …

They are completely different questions. The Deputy asked me whether our customs code is being implemented at Shannon Airport. The unambiguous answer to that question is "Yes". The implementation of that code does not require us to play a checking role on those aircraft.

It does not matter how many times the Deputy repeats the question; the answer is still the same. We are fully in compliance with our customs code. I have outlined the circumstances in which-----

We are talking about the Revenue Commissioners here, an authority that has implemented the customs code in this country for many decades, and about an airport that has been very active and very busy throughout its existence. I have explained to the Deputy really clearly the circumstances in which customs inspection is due. The subsections to which he refers do not take the place of the reality I have outlined, which is that goods have to be unloaded in particular circumstances and have to arrive into the EU in a pa…

It is, of course, a subject for very legitimate debate regarding other policy domains, but not for customs.

I thank the Deputy. The answer I have to hand goes through the structure of the local property tax, which Deputy Timmins already knows. I will not take him through that. The issue to which he referred is about the interplay between the amount of revenue a local authority raises in its own jurisdiction and the equalisation fund. I have tried in the various revaluations in which I have been involved - I have now done two - to get to a place where local authorities control and keep more of the revenue they raise. I kn…

I understand the Deputy's point. In between the two complex formulae and the spreadsheet I see, which has them on it - I am sure the Deputy is familiar with it - there are a number of local authorities like his own that believe they do not get to keep all of which they raise. The issue, which the Deputy acknowledges in his question, is that if we were to move to a system where all of what a county raises is kept within the local authority raising it, some local authorities would need additional support and interven…

On the second matter, I am happy to raise it with the Minister for local government, Deputy Browne, and his colleague, the Minister of State, Deputy Cummins, who is also involved in this issue with me. On the first matter, I examined that issue and inquired into it. I was definitively told I could not make that change. The reason is the budget cycle is annual and the budget cycle here is also annual. When I referred to the annual budget cycle in the first part of my answer, I spoke about the budget cycle within the…

The Exchequer returns for the first half of the year were published at the beginning of the month and the Deputy has just touched on them. VAT receipts amounted to €11.6 billion, which is an increase of €600 million and is just under 6% higher than in the first half of last year. The growth in VAT is consistent with the increase in consumer spending. On an annual basis, nominal spending was up by 4.7% in the first quarter of the year, the latest for which data is available. High-frequency indicators such as card pa…

On overall tax receipts for the year, particularly when it comes to VAT, the advice I have received is that we expect to collect the VAT we indicated we would collect for the year. Currently, we are in line to deliver that target. I am aware of the role VAT can play in helping with the cost pressures businesses are facing. The programme for Government contains a clear commitment in relation to VAT for the food sector and gas and electricity. The decision in relation to VAT for gas and electricity has now been made …

I cannot comment on decisions that will be announced on budget day. Deputy Brennan raised the particular issue of the 5% rate for the apartment sector. I have been advised by my officials in this area that if any attempt were to be made to move apartments down to 5%, other goods that are sold at the middle VAT rate would need to be moved down to 5% as well. That would have a particular effect on decisions we make with regard to food, accommodation and hospitality. I am advised that we cannot make a decision on a 5%…

The approval of a prospectus document is a matter for the Central Bank of Ireland as the designated competent authority under the EU prospectus regulation. It is an operational matter for the Central Bank as the State’s financial regulator to ensure that a disclosure document for any offer of securities for sale to the public contains all the necessary information required by the EU prospectus regulation. Under that regulation, a prospectus must be drawn up, approved and published when securities are to be offered …

In relation to the different questions, I was aware of the shareholding that ISIF had, indirectly in the Israeli bonds as part of the preparation for the publication of its annual report. I was not aware up to that point. The bonds have now been sold. I have outlined on other occasions, just a few moments ago, the engagement between my own officials and the Central Bank. In terms of the role that we play from a prospectus point of view, the Central Bank plays a very narrow and specific role in relation to the prosp…

Of course, I am happy to give the exact dates to the Deputy. I will ascertain them and come back to him on it. This decision was made by ISIF. The government bonds are no longer held by it. I am happy to come back to the Deputies with the dates they are looking for as to when the decision was made and regarding what Deputy Ó Murchú has said there. Of course I am fully aware of the debate that is there in relation to the role of the Central Bank and the role it plays on the prospectus evaluation, particularly given …

The long-standing policy of this Government is to return the remaining banks to private ownership while achieving value for the taxpayer. It continues to be the Government's belief that banking in the main is an activity that should be provided by the private sector and that taxpayer funds which were used to rescue the banks should be recovered and used for more productive purposes. The distribution of capital is the responsibility of the board and management of the bank. To assess this hypothetical scenario, I wou…

Well, look, the Deputy referred to simple maths. I would refer to a simple understanding of stock markets. I know Deputy Doherty is a little hazy and unclear on the issue of how companies are owned. In regard to AIB, if we were in a position where the financial markets were expecting that the State was not going to reduce its shareholding in AIB over time, of course that would materially affect the value of the shares. The Deputy cannot simply say - he knows this - that if we were still the majority shareholder in …

The Deputy is completely wrong. He said he would have been happy for us to keep shares in our banks when he is aware of the long-term risk of the relationship between the financial health of the State and our banking system becoming too close. He understands that as well as I do. Why would we want the financial health of our country to be some way influenced all over again by the movement upwards and downwards of a share price within our banking system? We got good value for the taxpayer in relation to all of this.

The total transaction-----