The Government is completely deluded.

On 14 September, the ECB increased its interest rate by 0.5%, bringing it up to 2%. This was the third rate hike since July with further hikes expected in the coming months. This has had an immediate impact on households on tracker mortgages and could impact those on variable rate mortgages in the coming months, heaping further financial pressure on struggling households. Will the Minister and the Department consider options to introduce targeted, tailored and time-bound mortgage interest relief to support those ho…

Gabhaim buíochas leis an Aire. I am fully aware that the interest hikes are yet to be felt by all mortgage holders. Hopefully the bank will continue to absorb these hikes. Time will tell, but it is likely that some of that will change. For those on trackers, there has been an immediate impact. Those with an outstanding balance of €200,000 will see their repayments increase next year by more than €2,000. That is a big jump for anybody who is already under pressure. The Central Bank has noted that 54% of the outstand…

The Minister talks about modelling the cost but the reality is people here face a massive increase in repayments. For people struggling with gas, electricity, food, petrol and diesel prices over the last six months, to be told they have to pay an extra €2,000 in mortgage repayments on a typical family home with an outstanding balance of €200,000 is a huge wallop. They are looking to the Government to support them. There are ways in which it can be done. We are working with the Central Bank and the office of parliam…

Germany has just introduced such a proposal.

First, what we put forward, and the things the Minister has-----

The Government plans to push ahead with a flawed and counterproductive levy on concrete products, even despite all the warnings that the levy it has designed will result in higher housing and building costs for workers and families. We heard at a meeting of the finance committee from experts, including the Society of Chartered Surveyors Ireland and those impacted by the mica scandal, that the sum impact of the levy will lead directly to increased building costs and challenge the viability of housing projects. Those…

What is clear as we see the detail of the measure and the documents that followed the publication of the Finance Bill is that the levy will have an impact. The impact is very clear; it is negative. It will be negative for those struggling to rebuild their homes in Donegal and right down the coast. It will be negative for the victims of the mica scandal. It will also be negative in respect of the viability of housing projects, as the Construction Industry Federation and Society of Chartered Surveyors Ireland warned …

If the Minister googles our alternative budget, he will find it online. He should not deflect from the reality or the real issue like he did when he abandoned those who are seeing massive increases in mortgage interest and the victims of the mica scandal, who came to this House and whom I know. I have sat in their homes and have seen the cracks in the walls. I have seen the water running down into open plugs and sockets. I know these people feel abandoned by the Government. Worse, they now feel the Government is no…

I am happy that the Minister changed his proposal-----

Take it out of the pockets of the owners of homes with mica.

I have already explained.

The Minister decided to push up house prices.

But the Minister will vote against the levy on banks later on.

The Minister will vote against all the measures we put forward in our budget-----

A stamp duty tax of 1% normally applies to the purchase of shares. Under certain circumstances, however, when a company buys its own shares, this charge does not apply. In fact, the stamp duty only applies when a share buyback takes place by means of a stock transfer form. In the other two cases, when they are purchased through a direct contract or through security settlement systems, no charge applies. Will the Minister close the gap to ensure that a charge applies to all forms of share buyback?

Revenue just applies the laws we set this House. Share buybacks have become a popular way for companies to drive up their share prices and enrich corporate executives and shareholders. Irish publicly-listed companies are on course to spend more than €1.9 billion buying back their own shares each year, including retail banks and large developers. However, share buybacks can often be at the expense of the company or, indeed, the broader economy. Money spent on share buybacks to benefit corporate executives and shareh…

We have been calling for this, which the Minister will know because he has our alternative budget. It is online. We have asked the Department to make a clear signal to him as to where he can access it. However, let us deal with the issue here. The Minister talked about how we need to pay for stuff. Up to €20 million in foregone tax is lost here. The loss is difficult to justify, especially when the transactions in question are of limited value to a company and the practice can lead to corporate executives and share…

It always was. Stop deflecting. I think I even posted it to the Minister.

Answer the question. Why is the Minister allowing these rich executives to keep €20 million?