The Tánaiste's party campaigned in the run up to the general election to review and remove the eight-year deemed disposal requirement for Irish domiciled funds and life products. As he will be aware - but, just for everyone else's benefit - the system taxes people 38% every eight years on gains they have not made yet. This was reduced slightly in the budget, but it is still regressive and in practice might be pushing ordinary savers into property investments when they could be funding worthwhile projects, especially if a wider number of schemes were to be introduced. I understand that some progress on this matter may be made through the taxation of retail investment. It would be great to get a timeframe as to whether the Government will definitely be doing it this year and if it will be introducing a simple ISA-style investment account, which, I suggest, could be purposed towards providing funding to help build housing or critical infrastructure. Is that being considered?

In the two budgets that I intend to deliver as the Minister for Finance, I am absolutely determined that we do something in relation to retail investment. Irish people are among the best savers in the European Union, but we have one of the lowest rates of participation in investments. The reality is that good, hard-working and decent people right across the country are trying to do the right thing and put aside a few bob - even very small amounts because times are tough -but that money is not earning them anything. We have to fix that. In that context, I am actively considering how we might bring in a savings and investment account in line with the Savings and Investment Union at EU level. I am looking at what has been done in the UK, Sweden, Canada, Japan and a number of other countries. I intend to convene a stakeholder forum on this within the next month or so, with the view to having options in advance of the budget. Deemed disposal is something that definitely deserves consideration. There is an unfairness in relation to it, and it was brought in at a very different time. I am minded to see what progress can be made on it in the time ahead. Specific taxation measures are obviously a matter for budget day.