As the Deputy will be aware, the Government has already intervened to help absorb the impact of rising energy prices for households and businesses with two packages of measures worth over €750 million. The first package of measures introduced in March reduced excise on fuel, cut the National Oil Reserves Agency, NORA, levy to a nominal amount and enhanced the diesel rebate scheme. We also extended the fuel allowance season by an additional four weeks. This meant that 470,000 households received additional financial support, an extra €152 in total. A further package of measures was introduced in April. Excise on fuel was cut further, bringing the total reduction in diesel to 32 cent per litre, 27 cent per litre for petrol and 7.4 cent per litre for green diesel. We are also delaying the scheduled increase in carbon tax and introducing a support subsidy schemes aimed at key productive sectors of our economy, both haulage and agriculture. We have shown we are not afraid to act when the circumstances demand action but we have also been clear that the best way to manage the State's finances is as part of a carefully considered annual budget process. I emphasise that the Government’s response has been made possible because of the resources we have thanks to the careful management of our public finances. We have run surpluses for consecutive years. Running surpluses has not always been popular, but it has given us the flexibility and agility to respond swiftly and forcefully to this shock. The resources of the State are not infinite. There are still vulnerabilities in our public finances. Around €1 in every €6 paid in tax comes from about ten firms in the country. The vulnerability around what we refer to as windfall tax receipts is real. We are highly exposed to any deterioration in the global economy and there are structural changes on the horizon that must be prepared for. That is why it is important that we get into that annual budget cycle. I accept the Deputy’s point. People are feeling the pressure and, as a result of the war in Iran, inflation is higher this year than it was expected to be. The focus in the budget will be to see what measures we can take in a rounded way to try to assist people, including in a structural way, with the charges that families and businesses face.
Sentiment score: 0.10
I am not sure that the Deputy's take on the Irish people is where they are at. The Irish people get the fact that this Government responded with one of the largest packages of support in the European Union, so nobody has been asked to wait at all. We reduced excise on diesel and petrol and put in place measures for key sectors. All of that benefits every citizen in this State in terms of trying to put some downward pressure on what the Deputy rightly said was rising inflation. The Department of Finance estimates that the overall package will reduce inflation by about 0.5% on what it otherwise would have been. We are taking proactive measures but I have to be honest with the Irish people - the winter could be very challenging. We have to try to make sure we can have a well-considered package for how we assist people, families and business not in a temporary way, but in a way that looks at structural change. I am open to positive and constructive engagement. We had a discussion about this in the budgetary oversight committee today. What can we do structurally on energy? What can we do to make it easier for people to make their own homes warmer? Are there measures we can take there? However, getting into that annual budget cycle is to the benefit of citizens in this country.
Sentiment score: 0.26
The Deputy is doing it again. The Deputy is speaking for the people of Ireland. We both went to Galway and we put our cases to the people. The Deputy said, "Send a message to the Government on the cost-of-living crisis - vote Sinn Féin", and the people of Galway West said, "Now, hang on a second here. We can see through this." The Deputy should have a little humility in terms of coming in here speaking for the people of Ireland and that the Deputy is in touch with everyone and I am out of touch. We just had an election. That is the first point. The second point is, we need to be very careful we do not chase inflation. The Deputy's budget proposals last year would have put up inflation. The Deputy knows that too. We have to get this balance right. We had a good conversation of Government and Opposition at the oversight committee on this today. We have to be very careful that anything we do does not chase inflation because things that we do that could in the temporary moment seem like we are trying to assist people could end up pushing up prices for them and nobody in this House, I presume, wants to achieve that situation too. We have taken measures. The people of Ireland get this. It is one of the largest packages of support in the European Union to help people. We will work in the annual budget cycle but if we get into this situation of mini-budget here and mini-budget there, it is a dangerous spiral that will not serve the people of this country well.
Sentiment score: 0.05
I appreciate the Deputy's support for the initiative. The living city initiative is provided for in Chapter 13 of Part 10 of the Taxes Consolidation Act 1997. It offers income or corporation tax relief for qualifying expenditure incurred in the refurbishment and conversion of qualifying residential and commercial buildings located within special regeneration areas. Often these are inner city or central town areas where there is above-average unemployment and which demonstrate clear evidence of dereliction, perhaps neglect and under-use. There are four types of relief available under the initiative: owner-occupier residential relief, rented residential relief, commercial relief and living-over-the-shop relief. As the Deputy will be aware, we introduced this in 2015. We took a decision in the last budget to expand that as well and the Deputy was eager that that would happen. Indeed, it was expanded to five more areas, namely, Athlone, Drogheda, Dundalk, Letterkenny and Sligo. I appreciate the speed at which the local authorities worked. I acknowledge Louth County Council in getting in the maps that my Department was then able to get independently assessed. The scheme, as the Deputy says, now has opened. I am advised by Revenue that it has recently received information from Louth County Council in respect of the number of requests for letters of certification received by the local authority. Revenue understands that Louth County Council has received fewer than ten requests between 8 April 2026, when the scheme was opened, and 20 May 2026. As the Deputy says, it is a short window. For reasons of taxpayer confidentiality, Revenue will never give the exact number but just under ten is an indication. In only a month of the scheme, I see that as somewhat encouraging. I will continue to monitor this. I am happy to provide the Deputy with further updates as they become available.
Sentiment score: 0.25
That is a fair point. Truthfully, I do not know whether Revenue went out and marketed the scheme previously. From my recollection, it is generally the local authorities that promote the scheme and obviously the Revenue Commissioners that administer the scheme. On the Deputy's broader point as to whether we should have roadshows or workshops, absolutely we should. On foot of the Deputy raising this here this evening, I will talk to the Minister, Deputy Browne, from the local authority perspective, and my own officials and Revenue, and see what can be organised here. We set up these schemes because we want them to succeed. We set them up because we accept that the issue of dereliction is real. Dundalk and Drogheda won the argument in terms of the need for that scheme to be expanded and now we want it to be a success. In the first instance, I would encourage at a local level the local authority and other stakeholders, who I am sure will, to get the word out there. Should that be happening, if we can supplement that with Revenue or the likes, I will certainly engage with the Deputy positively on that to try to make that happen. I will talk to the Minister, Deputy Browne, and we will both revert to the Deputy.
Sentiment score: 0.41
As I say, I am positively disposed to that. We passed a law in this House to make this living city initiative available to five more regional towns, including places such as Drogheda and Dundalk. We all want to see it succeed now. We have tried to show flexibility as a Department and as a Government in terms of enhancing the scheme. In the previous Finance Act, there were a number of enhancements. First, the scheme was extended to the end of 2030. Second, it is now available to residential properties built before 1975 instead of 1915, as the Deputy said. Furthermore, if the work is carried out by an enterprise, the maximum relief has been increased from €200,000 to €300,000. Of course, the big announcement, from the Deputy's perspective, was it was extended to five regional centres, including Dundalk and Drogheda. The new living-over-the-shop relief is an important step in terms of trying to bring life back onto our main streets, tackle dereliction, but also the whole safety and security issue that can create in a positive sense as well. Having no building age rule for the conversion of commercial into residential will facilitate greater access to the relief for living-over-the-shop or mixed-use developments. I will follow up with the Deputy in relation to that workshop concept.
Sentiment score: 0.30
The European Union does not work in the manner in which the Deputy described. It is not about forcing anybody's hand. We are members of the European Union. The Deputy's party did not support joining the European Union, but we are members of it and sit round the table and make decisions together. It clearly makes sense in a single market that if you are introducing a taxation system around energy, you would endeavour to examine the measures available at European level and try to move in concert. That is the position of the Government. We certainly have not ruled out acting on a windfall tax. We have said it would make sense that we do that at a European level. As the Deputy is aware, the European Commission's AccelerateEU communication addresses the EU's rising energy costs and volatile fossil fuel markets and aims to accelerate the clean energy transition and strengthen EU energy resilience. While the communication notes member states may take domestic measures, no EU-wide approach has yet been agreed. The temporary solidarity contribution, TSC, was introduced in line with Council Regulation 2022/1854 of 6 October 2022 to tackle windfall gains being made in the energy sector at the time, following the commencement of war in Ukraine. The TSC formed part of a co-ordinated European response, reflecting the highly interconnected nature of EU energy markets - when we acted, we did so at an EU level - and a view that an emergency intervention to mitigate the effects of high energy prices at the time could not be sufficiently achieved by member states individually. It continues to be the Government's view that tackling the energy crisis in a co-ordinated way between EU member states is preferable, given the interconnectedness of EU energy markets. We will continue to engage constructively with EU partners on these matters and aim to ensure that any joint European response to these challenges is co-ordinated and effective. In this context, potential solidarity measures and broader energy market developments continue to be a central focus and Ireland continues to engage with our EU partners, in colluding during our forthcoming EU Presidency. The Government is conscious of the increased financial pressures on households and businesses, which we have discussed in terms of the temporary and targeted measures we have introduced, one of the largest packages in the European Union. Alongside this, work is ongoing through the national energy affordability task force to identify further measures to enhance energy affordability. The ongoing conflict shows the need to accelerate the deployment of renewables at domestic and EU level.
Sentiment score: 0.22
I fully accept that it is the very clear position of the Government that if we were to act on windfall taxation, we would do it at an EU level because of the interconnectedness of the EU market. That is the position of the Government. This week, Deputy Doherty wants to fund the new measures he would like to do outside of a budget with a windfall tax.
Sentiment score: 0.35
The transcript of the Dáil will show-----
Sentiment score: 0.00
Let me speak, Pearse. Come on.
Sentiment score: 0.00
The angry routine is not working. Just let me speak. I thank the Deputy. I thank the Cathaoirleach Gníomhach. The transcript will show that Deputy Doherty talked about bringing in a windfall tax measure that could help to provide supports families and businesses.
Sentiment score: 0.17
This is my time. I am allowed to speak. I might be allowed to suggest the Deputy might tell me what the purpose of it is if he does not believe it is for that. Last week, he wanted us to use the surplus. The point is we have put in place one of the largest energy support packages in the European Union. We are working at an EU level because a co-ordinated approach matters. Being isolated and not working at a European level does not work for this country's economy.
Sentiment score: 0.04
He just used all of my time.
Sentiment score: 0.00
I do not have a script.
Sentiment score: 0.00
That is the problem.
Sentiment score: -0.40
It is also important to note, as the Deputy referenced the last time, that when the temporary solidarity contribution was brought in, and this is already facing multiple legal challenges in the Court of Justice of the European Union, the actors questioned the legality of the measures and the actors questioned the retroactive elements of the measure. Claimants are arguing that the EU incorrectly adopted the levy under Article 122 of the Treaty on the Functioning of the European Union, TFEU, as emergency measures rather than requiring unanimous agreement. The last time this was done, it was subject to legal challenge. The Government is working at a European level because we believe in a single market for energy. That is where we are all working to get to. There is an interconnectedness to this. We have provided significant financial assistance to families and businesses. We will be doing more in the budget to help people with the structural costs they face in their lives. We will continue to keep all matters under review.
Sentiment score: 0.17
I thank the Deputy for this important question. A number of tax incentives that are in place are intended to encourage investment in indigenous businesses, particularly in our small and medium enterprises. These measures include the employment investment incentive, the research and development tax credit, the start-up capital investment and the relief for investment in innovative enterprises, also known as angel investor relief. The research and development tax credit is another tax relief that is now making a significant contribution to Ireland's competitiveness. Ireland still does not have a sufficiently diversified savings and investment culture. This is a real issue in our country. Deposit accounts are appropriate for many people and for many needs but as inflation can erode their value over time, they should not be the only practical option. Investment in capital markets by retail investors can offer another path to long-term financial well-being while also supporting growth and competitiveness in the wider economy, as has been identified in the EU’s focus on the savings and investment union, SIU. I acknowledge the work the Minister of State, Deputy Troy, is doing with me in this key area. An important aspect of the SIU is the European Commission’s recommendation on increasing the availability of savings and investment accounts in member states. At the recent savings and investment forum, I announced our intention to introduce a legislative framework for an investment account in Ireland in the next budget. We want to make investing simpler, clearer and more accessible for ordinary people. In designing the model that best fits the Irish economy and the needs of Irish households, the views of relevant experts are being considered and we are learning from international best practice. That is not about picking up something from another country and saying that we will take exactly that. We will learn from best practice and find what is the best model for our country too. Many countries have implemented similar schemes and they have reported that investors tend to have a home bias in their investment choices. Budget 2026 included a commitment to publish a roadmap for the taxation of retail investment in 2026. The development of the investment account is a key part of that roadmap, as is consideration of the existing taxation regimes for investment. I expect to be in a position with the Minister of State, Deputy Troy, to publish that roadmap this summer.
Sentiment score: 0.33
I thank the Deputy. He said he wanted to put something on the record of the Dáil so let me do that as well. While the Deputy is right that we should always be cautious about our economy and never take economic stability or growth for granted - sometimes that seems to be the case in our discourse - I contend that the country has structurally learned a lot of lessons in terms of plans and actions from the crash. That ranges from the fiscal rules we have in place to our level of indebtedness, both at a national level but also at a business level, being a lot lower too. The Deputy's point about the indigenous sector is right. It is still a statement of fact that the greatest number of people in employment in Ireland are in Irish-owned SMEs. This is a sector we have to really support. The research and development tax credit is now being used by more and more SMEs, but making this as simple as possible for smaller companies to access is important too. On AI, the approach of the Government and country has to be to maximise the opportunities and minimise the challenges. I know both Ministers, Deputy Burke and Deputy Lawless, are working on how we can address the skills deficit that interacts with those two Departments. The Industrial Development Agency, IDA, and Enterprise Ireland, EI, are supporting companies as well. The Minister, Deputy Lawless, is looking at how we can train more people in these areas. There are also huge opportunities for the Irish economy, for both indigenous and FDI-supported companies, in terms of productivity if we can get AI right.
Sentiment score: 0.25
That is right; we need to take it deadly seriously. I do not mean this about Deputy O'Connor but about me. I always think that speaking with great authority on something that is fast evolving is challenging because we are all learning about this in real time. That is not an excuse or a reason not to take it extremely seriously because the countries that work out how best to respond to this are the countries that will do the best. We have only to look at the Future Forty report, which my Department published. It refers to the huge demographic challenges this country is going to face. One of the great ones is that everyone is going to live to be much older, on average, and the population is going to age. The question of whether we can transform healthcare through the use of AI, for example, points to one area where I believe we could see real productivity gains. At the moment, all of the conversation seems to be about productivity gains in the private sector and just being aware of the risk in the public sector. We have got to do a bit better than that. The other point is that, up until now, every technological revolution has resulted in more jobs at the end of it than at the start. That merits close monitoring. What we do know is that training and upskilling comprise an immediate issue, and we have to take that very seriously.
Sentiment score: 0.26
I thank an Teachta O’Callaghan very much for the question. I have read the report of the Joint Committee on Finance, Public Expenditure, Public Service Reform, and Digitalisation and it has also been reviewed by my officials. It was published last August. It sets out 15 recommendations, some directed to the Central Bank of Ireland and others to the Government. Chief among the recommendations made is that the Government engage at EU level with a view to amending the prospectus regulation. I directed that senior officials in my Department engage with the Commission on this matter. Department officials subsequently liaised with their counterparts in the European Commission, drawing attention to the work of the Oireachtas committee in its report and, in particular, the committee's recommendation that the prospectus regulation be amended. We formally conveyed that as the view of the Oireachtas to the European Commission. This engagement reflected my view that the European Commission should have regard to the report, its findings and recommendations. Officials outlined, in their engagement, recent developments in Ireland and sought the views of the Commission on the possibility of a legislative initiative by the European Commission to address the Oireachtas committee's recommendation. In its response, disappointingly, the EU Commission indicated it currently has no plans for a review of the prospectus regulation. My officials have also engaged with the Central Bank since the report was published. The Central Bank has also reviewed the report's recommendations. It has on a number of occasions, both before the committee and elsewhere, set out its position on the matter. I do not need to remind the Deputy, because he said it, that the Central Bank has no role in the review and approval of the 2025 prospectus for the State of Israel. Ireland is continuing to press for appropriate action at EU level. I support the proposal of the committee, and also the suspension of the EU-Israel Association Agreement in response to the egregious Israeli breaches of human rights, international law and democratic principles. The Minister for Foreign Affairs and Trade, Deputy McEntee, indicated in the Dáil last week that she will advance the Israeli settlements in the occupied Palestinian territory Bill in the coming weeks, and she secured Cabinet approval on that today. Our Taoiseach also wrote to European Council President Costa on 20 May reiterating Ireland's position on EU trade with Israel and requesting an urgent discussion of these issues among EU leaders at the next meeting of the European Council. Perhaps on foot of this question, I will brief the Taoiseach on the committee recommendation before that Council meeting.
Sentiment score: 0.19
I agree with that. What I will do is raise it at a political level as well. We have been raising it at an official level. I have directed my officials on a number of occasions on back-and-forth engagement with the Commission on this. I will speak to the Taoiseach as well because I know he has rightly sought a conversation at the European Council on foot of Israel's egregious breaches of international law. That is due to be scheduled for 18 and 19 June. I have examined whether Ireland can do something domestically because I know we have had debates in this House on the matter, but the clear, solid view is that national measures could not allow for the Central Bank to refuse a prospectus because the requirements of the EU prospectus regulation have to be met, including the standards of completeness, consistency and comprehensibility. We need to respect EU law, but I take the point that we also have a role in shaping it. There are different views across the EU on this matter, although I really hope it can be addressed, particularly after the horrors we saw in relation to the flotilla. It should not have taken that at all, nor should it have happened. If that is how Israel treats European citizens, it gives a real insight into how it must treat Palestinians.
Sentiment score: 0.19
That is a fair point. I will correspond directly with the relevant European Commissioner in the first instance, following up on the official engagement and reflecting the view of the Oireachtas committee on the prospectus regulation. I also do not rule out having further political engagement with EU counterparts on this. What is clear, and I know there are strong views on this issue in this House and in this country, is that sometimes there can be a grey area and we can debate how much is in compliance with EU law and how much we can do domestically. On this matter, solidly, the EU treaties and the obligations of member states seem to necessitate any change happening at an EU regulatory level. In the first instance, I will personally correspond with the European Commissioner and will update the Deputy when I receive a response.
Sentiment score: 0.33
I thank the Deputy very much for the question. The rate at which capital gains tax, CGT, is charged has varied both upwards and downwards since its introduction in 1975. The current standard rate of 33%, which applies to most gains, has been in place since 2012. However, a number of reliefs are already provided for business assets, including retirement relief on the transfer of business or farming assets, revised entrepreneur relief and participation exemption relief. For example, the revised entrepreneur relief provides a reduced rate of CGT for qualifying business assets. The lifetime limit of €1 million of gains on which the relief can be claimed was increased to €1.5 million with effect from 1 January this year. The increased lifetime limit should significantly assist entrepreneurs to grow and scale their businesses or to begin new ventures building on their previous entrepreneurial experience. As with all taxes, there are options for amending the scope of the tax, including changing the rate of the tax, amending or abolishing existing reliefs or exemptions or considering the introduction of new reliefs and exemptions. However, a narrower base of a tax regime with significant exemptions often requires a higher rate to generate an appropriate yield. A wider base may facilitate a lower headline rate of tax as it applies to a wider set of economic and commercial activities, reduces reliance on any one activity and potentially maintains a more sustainable yield. On the cost of changing the standard rate of CGT, and this is a legitimate issue people highlight, each 1% reduction or increase is estimated to amount to around €87 million in a full year, assuming no behavioural change. We always have to assume that, although it is harder to factor in. Therefore, a 5% reduction in the standard CGT rate in a single budget would have an Exchequer impact, at least in that budget, of €436 million, assuming no behavioural change. There are also costs to the Exchequer associated with extending the level of relief, as suggested in the question. I put that out to be helpful as people consider budget options. The programme for Government commits to maintaining a broad tax base to guard against the need for countercyclical fiscal policy in the event of a downturn and to prepare for future budgetary challenges. CGT is an important part of the system to ensure taxation is not focused solely on income tax and that those who benefit from gains in the value of assets are included. As with all taxation measures, it will be kept under review as part of the budget.
Sentiment score: 0.33
I heard the Taoiseach's comments. I hear regularly from stakeholders and business groups about the importance of making sure that our taxation system is pro-enterprise. What I would say in response is that while that is important, everything is a balance. There will be a finite amount of things we can do in the budget on tax. I am eager that there will be a personal tax package. There was not one last year. I am very eager there will be one in the next budget and I know that is a view shared across the Government. It is probably shared by people beyond the Government. That is one of the options I want seriously considered and acted upon as part of the budget. We will obviously consider and review through our tax strategy group papers. We will have a national economic dialogue in June, the summer economic statement in July and the budget in October. We will keep all these matters under review. As all Ministers for Finance are meant to say, all taxation matters are for budget day. We will give consideration to all matters. This evening, I wanted to usefully put the cost on the record of the House so that we can all be informed as we consider those suggestions. That cost would be approximately €87 million in a full year for each 1% reduction.
Sentiment score: 0.16
I thank the Deputy and will reflect on what he has said. I would point out that there are already a number of exemptions. If I am being bluntly honest with the House, I do not believe that existing levels of CGT are acting as a disincentive to investment because when they are looked at beyond the headline rate, we already have a range of exemptions and reliefs on CGT, which are designed to try to foster certain activities and avoid taxing people in situations that would be seen as unreasonable, such as retirements or the sale of a principal private residence. These reliefs reduce the level of CGT actually paid by many individuals, and include an annual exemption for the first €1,270 of gains arising from the disposal of assets. In addition, there are targeted reliefs for entrepreneurs and angel investors. CGT, as with all taxes, is subject to ongoing review, which involves consideration and assessment of the rate of CGT and relevant reliefs and exemptions from CGT, and the policy and legislation around it will be reviewed as part of the annual budget and finance process. I will certainly reflect on what the Deputy has raised.
Sentiment score: 0.39
I would be interested to one day tease through the Deputy's view on the investment accounts. I hope that is something he might consider supporting. As the Deputy is aware, ISIF is composed of the discretionary portfolio and the directed portfolio. ISIF holds the directed portfolio under direction from the Minister for Finance, comprising receipts of bank share sales. The National Treasury Management Agency, NTMA, has advised that at the end of 2024, the directed portfolio had a value of €7.7 billion, composed of ordinary shares in AIB, valued at the market price of €5.31 per share; €5 billion in cash and cash equivalents, including commitments of €165 million to the Strategic Banking Corporation of Ireland, SBCI; and a €305 million loan to Home Building Finance Ireland, HBFI. Of the cash and cash equivalents, €4.838 billion was invested in Irish Exchequer notes. Exchequer notes help to ensure capital preservation and are relatively liquid, which is an important consideration to meet the timing and quantum of transfers out of the directed portfolio. The majority of the portfolio is now in Exchequer notes. The resources are actively being drawn down to support major infrastructure investment priorities. The end of 2025 position will be disclosed in the 2025 financial statements, which will be published in the coming months. The unaudited end of 2025 value of the directed portfolio was €6.4 billion and since the end of 2025, the value of the portfolio has been further reduced due to drawdowns to the Exchequer on foot of directions. The figure of €7.7 billion was at the end of 2024 and the unaudited end of 2025 value was €6.4 billion. As part of budget 2025, the Government decided to use €3 billion of the proceeds from bank share disposals to provide funding for infrastructure, including water, housing and the electricity grid, and in the case of housing and water is additional to ongoing Exchequer expenditure. In 2025, €514 million of the €1 billion allocated for Uisce Éireann was paid over. The remaining balance will be paid over the period out to 2028. In late 2025, a further €750 million was drawn from the directed portfolio to provide funding for investment in the electricity grid. The balance of €1.25 billion is for the Land Development Agency. The remainder of the directed portfolio is intended to be used in support of the national development plan. These are one-off receipts to support infrastructure development.
Sentiment score: 0.28
I appreciate the different political, ideological or policy positions on bank ownership. It is legitimate for people to hold different views on these subjects. The stated intention of the Government, and I think successive Governments, was to seek to return those banks to private ownership and to seek to recoup the money that the taxpayer had put into those banks, namely, AIB, Bank of Ireland and PTSB. That objective was largely fulfilled. I do not think the State should be in the business of owning banks. We all know how we ended up in that position as a State and it certainly was not by some sort of design. It was because of the financial crash and the chaos that ensued. I am conscious that I am reading out a lot of figures and I am happy to send the Deputy a detailed note on the issue. I would just point out that the assertion around €7.7 billion was at a point in time at the end of 2024. What I have tried to do this evening is to update the Deputy on the current position because we have seen that number reduce as the result of investment decisions we have made, including for infrastructure projects. I will send the Deputy a note.
Sentiment score: 0.12
The Comptroller and Auditor General is welcome to look at anything he wishes to look at. Indeed, it was the Comptroller and Auditor General who put that figure on the record of the Committee of Public Accounts on 14 May and it was a figure for the end of 2024. It was a moment in time and the Government has thankfully been in a position to make a number of decisions about what to do with that resource, including investing in infrastructure such as water, housing and the electricity grid. There is no question of waste. There is a question of correct deployment of a one-off resource to try to improve critical infrastructure, particularly around water, housing and electricity. I am looking at the end of the ISIF's 2024 financial statements. The ISIF discloses its direct portfolio total interest income in its financial statements and the end of the 2024 financial statements states the interest income earned in 2024 was €126 million. The position at the end of 2025 will be disclosed in the 2025 financial statements.
Sentiment score: 0.16
The ISIF does not disclose the terms of individual investments.
Sentiment score: 0.00
I restate the Government's clear opposition to illegal Israeli settlements, which are contrary to international law and damaging to the pursuit of peace in the Middle East. Ireland has demonstrated its support of the Palestinian people and taken practical steps at national, EU and international levels. On 13 January, the Minister for Foreign Affairs and Trade, Deputy McEntee, announced that Ireland will provide €42 million in assistance to the people of Palestine in 2026, including €20 million in core funding to support the work of the United Nations Relief Works Agency, UNRWA, in providing vital services to refugees in Gaza and the West Bank. Ireland has provided more than €122 million in support to the people of Palestine since January 2023. This includes €68 million to UNRWA, of which €10 million was provided this January. The Deputy is referring to the UN Human Rights Council database, known as the UN database, which identifies businesses involved in specific activities. It was first issued in 2020, updated in June 2023 and most recently updated to include 158 companies in September 2025 as mandated by the UN Human Rights Council. It is important to state that the ISIF has complete independence in implementing its investment strategy under the law of the land, the NTMA Acts, through an investment committee that reports to the NTMA's board. I met the NTMA earlier this year and was assured that the ISIF will continue to monitor its holdings to ensure that investments remain aligned with its risk profile and investment parameters. Legislation underpinning the ISIF reflects a commitment to be a responsible investor, as a steward of public assets, by protecting and enhancing the long-term value of the ISIF and the reputation of the NTMA in how it delivers its mandate. The ISIF has taken an investment decision to divest from six companies, all of which remain in the UN database, with a total value at the time of the divestment decision of approximately €2.95 million. The six companies - I think I have read the names to the Deputy previously - were a variety of banks and a chain store. It is important to state that the type of companies on the UN database in which the ISIF still has holdings are ones that operate all over the world and that the ISIF's investment in them represents a very small proportion of its overall investments. This is part of the challenge. Unfortunately, divestment from these companies does not mean that they would stop deriving income from activities in the occupied Palestinian territories, OPT. The NTMA also divested from directly held sovereign bond holdings within the global portfolio across Egypt, Israel, and Jordan in July 2025.
Sentiment score: 0.19
I fully accept the Deputy's sincerity on the issue and share much of his sentiment. I pointed out the NTMA Acts and the Deputy acknowledged that. I also acknowledge that the ISIF has taken the investment decision to divest from six companies, all of which remain on the updated UN database, with a value of more than €2.95 million at the time of divestment. While these are decisions for the ISIF to make, some of the companies that operate are large global companies and they may have a very small presence in the occupied Palestinian territories. It is not perhaps obvious, or possible to work out, the level of benefit individual companies gain from being active in the OPT. It is a somewhat pedantic point, but it is somewhat important. There is no external indication of the level of revenue that arises from these activities and no indication it is significant in their overall worldwide activities. Therefore, it is difficult to know whether these companies have economically significant activities in the OPT. However, I take the broader point the Deputy made and I stress the views of this House to the NTMA on a frequent basis.
Sentiment score: 0.11
I am not trying to equivocate, though I take the criticism. However, I have a particular legal role as Minister for Finance and I am not in a position to direct the NTMA or the ISIF about this. That is why I am perhaps somewhat precluded, more than other Deputies, from expressing my personal view because the law of the land is clear that these investment decisions must be independent of the views of the Minister for Finance of the day. The NTMA operates a commitment to be a responsible investor as a steward of public assets, by protecting and enhancing the long-term value of the ISIF and the reputation of the NTMA and how it delivers its mandate as manager and controller of the ISIF. In this context, the ISIF operates an exclusion policy that is consistent with its statutory mandate, as amended from time to time. Exclusion is used on a limited basis. It reflects exclusions mandated by legislation. The investment strategies for the Future Ireland Fund, FIF, and the Infrastructure Climate and Nature Fund, which are also to be extended to the ISIF, include certain companies listed on the UN database of business enterprises involved in specified activities in the occupied Palestinian territories. Certain Israel-based companies that are on the UN database and derive a significant element of turnover from Israel and the OPT will be excluded from investment by the ISIF, FIF and the Infrastructure Climate and Nature Fund.
Sentiment score: 0.05
I thank Deputy Timmins for raising the matter. Ireland's capital gains tax rate is 33% and is paid on the chargeable capital gain made when a person disposes of an asset. The chargeable gain is usually the difference between the price paid for the asset and the price it is disposed of and is payable by the person making the disposal. Section 556 of the Taxes Consolidation Act 1997 provides a measure of relief for capital gains, which are attributable purely to inflation, commonly known as indexation relief. The Finance Act 2003 amended section 556 such that indexation relief does not apply from the 2003 tax year onwards. Indexation relief, does, however, continue to be available in computing a chargeable gain arising on the disposal of an asset where the deductible expenditure on that asset was incurred prior to the tax year of 2003, with the relevant indexation multiplier being determined by reference to the year in which the expenditure was incurred. Indexation relief was ended as a means of gradually broadening the tax base, and my officials would contend it has been proved to effective in that regard. It is the case that when indexation was introduced in the 1970s, inflation was extraordinarily high. Since then, inflation, while somewhat high now, has been consistently much lower, even taking into consideration spikes we have had around the Covid pandemic and recent geopolitical events. It is also important to bear in mind that there is no indexation of other taxes. We do not currently have an indexation of income tax, corporation tax or capital acquisitions tax. The programme for Government does commit to maintaining a broad tax base to guard against the need for counter-cyclical fiscal policy in the event of a downturn and to prepare for future budgetary challenges relating to an ageing population. CGT is an important part of our system to ensure that taxation is not focused solely on income tax and that those who benefit from gains in the values of their assets are included within the tax net on an equitable basis. As with all taxes, CGT is obviously subject to ongoing review, which does involve consideration and assessment of the rate of CGT, the relevant reliefs and exemptions, and wider tax policy considerations.
Sentiment score: 0.43
I hear the Deputy and I never like to disagree with my constituency colleague, but the point I would make is that we consider all taxation measures as part of the annual budgetary process through the tax strategy group papers and the likes. Being honest with the House, I would be concerned with an indexation for the CGT space when one could make similar arguments or cases for indexation of other taxes that we do not currently do that with either. My biggest priority in terms of a taxation package this year will be around personal income tax because there is a real need for that, and I know the Deputy and I share a view on that. There is a compelling case around CGT, how it operates, how it works and the rate, the relief and the exemptions. Ireland often gets told we have a high rate compared to other European countries. At a headline level, we probably do, but when the reliefs and exemptions are factored in, does that alter the picture somewhat? It does. All these things are kept under review. As of now, there is no plan to reintroduce indexation, but I will ask my officials to reflect on what the Deputy has said and will come back to him with further views.
Sentiment score: 0.22
There is an argument to be had around CGT - on the rates, the reliefs, the exemptions and how it acts as an incentive or otherwise to entrepreneurial activity. I have given views on that, as has the Taoiseach. As is always the case in a budget, all this will come down to balance and priorities as part of the overall tax package. We will have the national economic dialogue in Dublin Castle in June. The Minister, Deputy Chambers, and I will publish the summer economic statement in July. That will give an indication of how the Government intends to divide between spending and tax. I have no doubt there will be an opportunity to have intense engagement between then and the budget in October as to the best menu of options to deploy. There are always trade-offs. CGT will, as with all taxes, be reviewed as part of that.
Sentiment score: 0.12
I thank the Deputy for the question and for her consistent raising of this issue around working families. Programme for Government 2025: Securing Ireland's Future contains specific undertakings with regard to personal taxation. It commits to "implement[ing] progressive changes in taxation if the economy remains strong, including indexing credits and bands to prevent an increase in the real burden of income tax". It also states that "in the event of an economic downturn and unexpected deterioration in the public finances ... [w]e would also postpone changes to income tax credits or bands, as we did in Budget 2021". As we plan for budget 2027, it is my intention to have a personal income tax package as part of that budget. As the Deputy will be aware, to ease the burden facing average and middle-income earners, over successive budgets the previous Government substantially increased the entry point to the higher rate of income tax for all earners by €8,700, or around 25%. The main tax credits increased by €350, or around 21%. In line with the Government's policy of ensuring full-time workers on the minimum wage remain outside the top rate of USC, the ceiling of the 2% USC rate band was increased. Budgets 2024 and 2025 also cumulatively reduced the 4.5% rate of USC to 3%. Broadly, the income tax measures implemented over the period of the previous Government are expected to be in line with wage growth. We used a formula in the previous Government to allow people to earn more before they paid the high rate of tax and to make changes to the USC. That formula was an interesting and potentially desirable one. Budget 2026 was the first of five budgets to be delivered by this Government. There was not a personal income tax package in the first one. I think there needs to be one in the next four, all things being equal. On the exact levers we will pull and the exact menu to use around personal tax, I am not an ideologue when it comes to that. I want to see what is in the best interests of families and how people benefit the most. I would like, if possible, to anchor tax policy for the next four budgets. In other words, if we pick an option for the next budget, could that be a roadmap for the following three to provide certainty?
Sentiment score: 0.31
I fully agree. We want work to always pay and we want people who work hard to be able to get ahead, not just get by. The tax system is an important part of that. That is why we are committed to delivering a personal income tax package. I will make a point to somewhat balance my comments. While it is absolutely correct that Irish people pay the higher rate of tax at a lower entry point than many other European countries, when you look at the social insurance contributions other countries make, that somewhat adjusts for that. The broader point the Deputy makes is entirely correct. We have taken people from paying the higher rate of tax at around €33,000 in 2015 up to €44,000 now. I would like to see more progress on that. I do not need to tell the Deputy this as she champions issues like this, but when these families we are talking about are looking for a break and a chance to get ahead and not just get by, tax is a part of it. Other costs, like childcare, are part of it. Also, how can we structurally try to reduce energy costs? The budget will need to look at all of this in the round. Tax is a part of it, but so too is whether we can make permanent structural cost reductions in key areas like childcare.
Sentiment score: 0.21
I did not realise the Deputy met members of Longford Women's Link today. They are amazing. I visited them in the not-too-distant past and am grateful for the work they do and the opportunities and accessibility they provide to people in a range of areas. I met them in the context of higher education. The commitment in the programme for Government is clear. We want to get childcare to €200 per child per month in the lifetime of the Government. The Deputy is right that fees and the cost to families make up a part of it, but there is also building the system and reform. I would like in the next budget to make progress on childcare costs but also make progress in the roadmap. In fairness to our colleague, the Minister, Deputy Foley, some important steps have been taken in the recent past around capital being for the first time available to invest in public facilities. We need to be conscious - and we are - that one size does not fit all when it comes to childcare. We have to empower parents to make the decisions that make sense for them. Sometimes it is someone coming into your house to mind the children, sometimes it is your children going to someone's house, sometimes it is your child going to a crèche and sometimes it is a voluntary provider. There are many options. That is why to get the best return for the taxpayer, the parent and the child, we need to see the roadmap of reform alongside the fee reduction.
Sentiment score: 0.24
I thank the Deputy.
Sentiment score: 0.36
I did not either.
Sentiment score: 0.00
I apologise, but I am glad that we have.
Sentiment score: 0.70
I thank Deputy Doherty. The State's investment in Permanent TSB, PTSB, was made during the financial crisis to safeguard the stability of the banking system and protect depositors. The State has been and continues to be very supportive of PTSB. The Government believes that it is in the long-term interests of PTSB and citizens in general that the bank be returned to full private ownership. I accept that we have differing political views on that. This transaction would mark a successful conclusion after a period of stabilisation. A sale reflects the Department’s confidence in PTSB’s strength and ability to succeed without State support. A sale of the State’s investment would be consistent with the objectives of recovering taxpayer funds that were used to rescue the Irish banks and deploying these to more productive purposes. The board of PTSB announced a formal sale process on 30 October 2025. This process was conducted under the Irish takeover rules and resulted in the board unanimously recommending a cash offer from a subsidiary of BAWAG Group AG. BAWAG has set out a long-term ownership approach, including maintaining a strong and resilient PTSB, investing in the business, retaining the headquarters in Dublin, keeping a meaningful branch footprint and safeguarding existing employment rights and pension arrangements in line with applicable law. BAWAG noted that in its view, the PTSB branch network is a real asset. I met BAWAG and its representatives reiterated that point to me as well. It genuinely sees the branch network as an asset. It does not intend to make any material changes with respect to the fixed asset bases. Instead, it notes that branches could shift from being transactions-based based to advisory-based, as it adds new products to the bank’s offering. This is probably something that we would see PTSB and others doing anyway, in terms of the role of a bank branch changing rather than the branch not being there. BAWAG has also indicated its intention to leverage its broader European expertise to strengthen the bank’s competitiveness, including in areas such as SME banking, which would be very welcome, energy-efficiency finance and operational integration. These stated intentions formed part of the overall assessment to support BAWAG’s recommended cash offer.
Sentiment score: 0.37
I accept that we have legitimate points of difference in relation to bank ownership and there is a legitimate debate to be had there. The position that we have always taken and the position that the programme for Government takes is to move the State out of the ownership of the banks and to restore them to private ownership. I want to make the point that the circumstances in which Ireland ended up being in the position of bank ownership certainly was not strategic. We did not sit down to plan it out. It was an emergency rescue response to the financial crash. The Deputy's point in relation to the lack of competition in retail banking is an important one. We have seen some potentially positive moves lately with Monzo getting a banking licence, along with Avant Money and others. I look forward to the banking competitiveness report at an EU level that will be published during our European Presidency because competitiveness in the banking sector is important. In relation to BAWAG, in the interest of accuracy, I will come back to the Deputy with a note on this. I am very happy to write to the Deputy on this, but I did meet BAWAG and it made it clear that it is committed to the branch network. It made it clear on quite a number of occasions that it sees PTSB's branch network as a real asset and that it does not intend to make any material changes with respect to the fixed asset base. It has also met with the trade unions and others and has talked about safeguarding existing employment rights and pension arrangements in line with the applicable law. It is also a company that does not particularly like outsourcing, so there may be insourcing opportunities too. I am happy to correspond with the Deputy on the engagements I have had with BAWAG and any commitments it has given.
Sentiment score: 0.33
That is a fair question. The Government makes a decision annually on the banking levy, as the Deputy knows, as part of the budgetary process. We will do that again because we find it desirable to do it as part of the annual budgetary process, but I do not see a case for not having a bank levy. In relation to the super charge on what are referred to as bankers' bonuses, while every bank in Ireland and anybody doing business in Ireland might have a view, I do not see a case for changing the policy position in relation to that either.
Sentiment score: 0.33