Ferris says Finance Bill shows ideology of PDs

The Finance Bill was sharply attacked by Mr Martin Ferris (SF, Kerry North). He claimed that there was no estimate or analysis of the supposed benefit to the economy and to society of those bonuses to property owners, landlords and speculators.

"Naturally, in this Government which is dominated by Progressive Democrats' ideology, a far cry from what Fianna Fáil once stood for, there was no evaluation of direct State intervention in offshore funds which would be of real social and economic benefit.

"We know that the massive sums lost to the Exchequer by these scams could be used to improve the lives of ordinary people the length and breadth of this country. The Government's motto is property, not people, property before people."

He added the Minister's fondness for horses and stables was well known. "The provision in section 87 of the Bill giving more power to the Revenue Commissioners to deal with tax evasion through offshore bank accounts was a prime example of closing the stable door long after the horse had bolted.

"We will probably never know how much wealth was siphoned out of the economy in offshore bank accounts during the past decade."

Mr Ciarán Cuffe (Green Party, DúLaoghaire) said the past 10 or 15 years had been characterised by builders making a quick buck. "From a financial perspective, one of the most significant questions must be asked is what is the amount of foregone tax to the Exchequer?

"I wonder will we ever know how much tax was foregone by giving such massive tax breaks over almost a 20-year period? I wonder could that tax have been used better?"

Mr Charlie O'Connor (FF. Dublin South West) said history would be kind to the Minister for Finance. "There has been much negative comment but there are many positives about this Bill. The polls reflect a Government that is doing its job well."

Mr Paul McGrath (FG, Westmeath) said the Government could lose 20 seats in an election.

Mr O'Connor replied: "We will see who loses 20 seats. I am a democrat and will always accept the verdict of the people. I cannot see any alternative government in my lifetime, although that may be a bad thing too."