The Minister has read out word for word the reply to a parliamentary question that he or his officials had scripted and which was given to me previously. Of course there are issues in relation to changing any tax. The Minister has outlined some of them such as, potentially, the impact of it being selective or if it needs to be across the European Union. The Minister also spoke of competitive issues and so on, as well as non-double taxation. This is why I want to see a report on this. It is not like this has never b…

I have already acknowledged the flexibility of Revenue. It is only in the context of the pandemic. While it is welcome, the rigid application of this relief will go back to the situation where, as I have said, a parent who must work from home because their sick child has to stay home from school will lose this relief. That is the reality and that is how rigid it is. This is what we want to address. It is a nonsense for the Minister to suggest that the only way he can review a taxation issue is to wait for the tax s…

I move amendment No. 7: In page 11, after line 34, to insert the following: “Report on tapering out of income tax credits 11. The Minister shall, within six months of the passing of this Act, prepare and lay before Dáil Éireann a report on tapering out tax credits for incomes between €100,000 and €140,000 at a rate of 2.5 per cent for each €1,000 earned.”. Amendments Nos. 7 and 8 call on the Minister to prepare and lay before the Dáil a report on progressive tax measures as we emerge from the Covid-19 crisis. In pa…

I am glad the Minister is sitting down so he will not fall down when I say this. Of course we have a tax system under which people who earn more pay more. I am happy to acknowledge that. Maybe the Minister will acknowledge that this is not always the case. Perhaps he will talk about the special assignee relief programme, SARP, which prevents the highest earners from paying more. It is the result of a nice little measure in the Finance Act 2012 which the Minister has continued. The funds industry lobbied the Ministe…

More nonsense from the Minister. Can he tell me how his policy of rolling out the red carpet for the vulture funds went? These funds bought hundreds of millions of euro worth of Irish assets and mortgages and do not pay a penny in tax on them. Even today they use charity structures under the Minister's nose. How does that benefit Irish society? What is the benefit of real estate investment trusts, REITs, and other structures, which charge the highest rents in this State, push up house prices and do not pay corporat…

One can tell the Minister has lost the argument when he does not deal with the substance of the issue.

I move amendment No. 8: In page 11, after line 34, to insert the following: “Report on income levy on high incomes 11. The Minister shall, within six months of the passing of this Act, prepare and lay before Dáil Éireann a report on the introduction of a high-income levy of 5 per cent on high incomes in excess of €140,000.”.

I wish to speak on this issue as well. I appreciate the amendment the Minister is bringing forward to the CRSS scheme. We also dealt with a large number of amendments on Committee Stage. The original version of the Bill has been amended 80 or 90 times. I accept that most of the amendments are technical and we support them. The issue here is one of substance. I appreciate the challenges when one is designing a scheme and that there will be people or businesses on either side of the lines that must be drawn when the …

In my contribution I acknowledged the difficulty and challenge of designing the scheme and the fact that we will always find people marginally outside. I believe there is possibly a way if we ask Revenue to look at this in terms of the criteria. We will always find grey areas. If a beautician is going to open, it is likely that it is the business of a beautician and there is no other part of the business that is restricted. The same applies to a hairdresser or retail store. However, there is a unique situation with…

Tá áthas orm a bheith ag caint ar an rún seo ó thaobh pinsean de atá curtha chun tosaigh ag mo chomhghleacaí i Sinn Féin anocht. Tabharfaidh mé glór do chuid de na daoine ó Thír Chonaill a bhí i dteagmháil liom agus a thuig tábhacht an rúin seo The motion before us has two principles, the principle of equality and the principle of fairness. It calls for the restoration of the right to retire at the age of 65. It also calls for the abolition of mandatory retirement so that workers have the right to continue to work …

Ulster Bank plays a key role in our communities. It supports business, provides local jobs to 3,000 people in towns and cities across the State and has a strong branch network of 88 branches. NatWest, the parent company of Ulster Bank, has undertaken a strategic review of Ulster Bank's operation and its future operation in this State. It has been widely reported that NatWest is considering the full withdrawal of Ulster Bank from the State. The closure of Ulster Bank would be bad for customers, employees and the Iri…

Last year, Ulster Bank provided €3.1 billion in new lending in this State. It provides 20% of lending to SMEs and has deposits of €22 billion. Ulster Bank is the third largest mortgage lender in the State. Its withdrawal from the State would lead to a duopoly in the mortgage market that would stifle competition and leave us vulnerable to higher interest rates. Rumours abound that Cerberus, one of the most aggressive vulture funds in the State, is considering buying the entire loan book of Ulster Bank valued at €20.…

The last time the Minister met Ulster Bank on this issue the chairperson was Ruairí O'Flynn, who has resigned from the job after less than two months. Has the Minister had an opportunity to speak to the former chairperson about his departure? Has he asked the CEO of Ulster Bank about the appointment of Goldman Sachs as advisers for NatWest's strategic review into the future of the bank, given its potential conflict of interest? We do not need a passive Minister in this. I understand that it is a private bank and so…

On 3 November the Central Bank published the second motor insurance report of the National Claims Information Database. The report is very clear. It sets out the facts in black and white for anybody to see. In the past decade the cost of claims per policy fell by 9% while the average motor insurance premium increased by 35%. The insurance industry generated a profit of €142 million last year, an operating profit of 10%. What actions will the Minister's Department take on foot of the report's findings? Will the Mini…

The Central Bank's second report has completely and utterly destroyed the spin which the industry uses to justify the high cost of insurance premiums and which is all too often peddled by Fine Gael and Fianna Fáil Ministers and Deputies. For years the Government has told consumers that high premiums are solely caused by the high cost of claims, or that they are the result of some kind of delinquent compensation culture in this State. The facts of the matter, however, show something very different. The Central Bank …

This House agreed key legislation after it had been blocked by the Government for two years with a money message trick. It is on the record of the House that the Minister sat down with the industry. The industry asked him to stall key sections of the legislation. What did the Minister for Finance do? He bowed to the industry. Who pays the price for this? People who are being ripped off do. The facts are the facts. Insurance premiums have gone up by 35% in the past ten years, the cost of claims has fallen by 9%, the…

For blocking legislation.

The Minister blocked legislation agreed by the House.

Let the Minister correct the record-----

I welcome the opportunity to contribute on this legislation, which has been tabled by my colleague, Deputy Mairéad Farrell, and me on behalf of the Sinn Féin Party. Recent months have shone a light on the revolving door that exists between private interests and government, between corporate lobbyists and the corridors of power. We have been saying that this was happening for far too long. The light has shown us that we need stronger regulations and to close the revolving door between government and vested interests…