I thank the Senator for raising this matter. I have also been contacted by the family in question. To their credit, they have been very strong in their advocacy and other work they are doing contacting all Members of the Dáil and Seanad. I am taking this matter on behalf of the Minister, Deputy Paschal Donohoe, who is out of the country. Capital acquisitions tax is a tax on inheritances or gifts on an amount over a particular tax-free threshold. It is a beneficiary-orientated tax, which means it is payable by the r…

I will certainly bring the compelling case the Senator has made today back to the Minister. Some of my colleagues have made the same case at our parliamentary party meetings. There certainly seems to be inequity. Some might even say there is inequity in having any inheritance tax because the person who generated that wealth has paid tax on it in the first instance through savings, through their work, through PAYE or whatever. However, we need a tax regime in place in order to run our country and we need to collect …

I acknowledge and pay tribute to Harvey Morrison Sherratt. I know my words today will mean little to his parents, Stephen and Gillian, who have been tireless advocates and campaigners in recent years for a serious and unacceptable issue. As a parent, I cannot comprehend what they have been through and what they continue to go through. Too often in this Chamber, we are consumed by the personalities of Members of this House and by political point-scoring when our focus should be on outputs for our citizens. We must n…

I thank the Ceann Comhairle for the opportunity to speak on budget 2026 this evening. This budget is focused on protecting our economy, protecting our jobs and protecting future growth. The approach to the budget was one of prudence and being mindful of the headwinds which exist outside of our shores but have a significant impact within our shores. No one budget can address every issue we would like to address. Budgets are about choices and the choice this time was to protect the economy and support jobs while targ…

Deputy Séamus McGrath is not coming in, a Cheann Comhairle.

I am pleased to appear before the Seanad to discuss budget 2026 following its presentation earlier to Dáil Éireann. Our economy has proven to be incredibly resilient. This is based on the transformation of Ireland in recent decades and the steps taken by successive Governments to return the public finances to health. There are now 2.8 million people at work, more than the number who lived here in 1961. In addition, people are living longer and healthier lives. While this progress is something we can all be proud of…

I thank all the Senators for their input into today's debate on budget 2026. I have taken note of their contributions and hope to address the key themes they have raised. Before I respond to individual comments, I refer to some analysis in the Beyond GDP Quality of Life Assessment publication, which was published by the Department of Finance today. I will touch briefly on four components; the positive performance of Ireland and well-being metrics by international standards; progress on equality budgeting, with sign…

I thank the Senator for raising this important and topical issue. It is also a timely issue, as today the European Commission adopted its savings and investment account recommendation as part of the savings and investments union, SIU, strategy. Despite the impact of the higher cost of living in recent years, Irish households continue to have substantial savings, with approximately €160 billion in household savings on deposit in Irish banks. Some €9 of every €10 of these savings is held in low-interest, overnight de…

To be abundantly clear, I fully agree with the Senator. Irish savers are depriving themselves of a better return on hard-earned savings. A huge opportunity exists now, particularly in the context of the savings and investments union of the EU Commission, which, as the Senator said, only today published a recommendation on a new savings and investment account. The Irish Government has been a very strong supporter of the savings and investments union, and now the responsibility comes back to the Irish Government to i…

I apologise for being late but this debate came much earlier than any of us expected. I welcome the opportunity to speak to this House on the motion concerning insurance in the context of cost of living. This is an issue of immediate and real relevance to Irish households, to our small and medium enterprises and to the long-term competitiveness of our economy. I would also like to commend Deputy Doherty on his work to date. He has been a very strong advocate in this regard, but he has not been alone on this issue. …

The Deputy produced legislation but where is the data he promised he would give me on what was implemented in the UK?

Let me tell the Deputy what we are working on on a daily basis, not only in my Department but in the Departments of justice and enterprise. Our new plan commits to enhancing transparency in insurance premiums by working with the sector to introduce a transparency code. I have engaged directly with the Central Bank on this matter, meeting the deputy governor. The Central Bank, as the independent regulator, has been tasked with participating as an observer alongside the industry in the development of a code, ensuring…

Tomorrow I will be in London, meeting insurance companies to attract more players into the market.

A lot of work has been done, something Deputy Doherty will never acknowledge.

Outrage will not solve any problem.

What the Government will do, just as the previous Government did-----

-----is to ensure our action plan is implemented and will continue to deliver reform.

He did not make a submission to the public consultation.

That is why we are bringing in a transparency code.

We are introducing a transparency code.