Reports by the Petroleum Affairs Division (branch of the Dept of Communications, Energy and Natural Resources which is responsible for Irish gas and oil) estimate a potential 10 billion barrels of oil equivalent in the Atlantic Margin (West Coast). This is worth around €600 billion for the West Coast alone. Providence Resources, part owned by the O'Reilly family ( the same family with shares in the Independent Newsgroup) recently announced a find of 870million barrels of oil off the Dublin Coast...

there doesn't seem to be one publicly available figure for the present value of all our natural minerals, gas and oil but the above figures point to a potential source of wealth which could radically transform Ireland, if the returns actually went back into the state. The main mechanism for returns from our gas & oil is a 25% tax rate against which companies can offset all costs accrued over a previous 25 year period, meaning few returns from gas & oil. Compare this with Norway which has a 78% tax rate, state participation through the State Direct Financial Interest and as a 67% share holder in Statoil they receive massive returns from their gas & oil - perhaps this is the model we should follow? Since the early 70s the Norwegian State has received nearly €1 billion euros from their gas & oil, while Ireland has effectively given away our resources. Ironically the Irish 1975 terms were based on the Norwegian model, but thanks to changes mainly made by Fianna Fail politicians including Ray Burke and Bertie Ahern, we get next to nothing from our resources - this cannot continue. we can't afford to give away our gas & oil.

You are dead right Marie. Tax the wealth of the nation. Small and medium sized business is being destroyed by these cuts. We are being taxed out of business while the wealties people in the country are getting away scot free as shown by the info you provided.
The Revenue Commissioners’ analysis for 2008 showed that 189 high-income individuals with an annual income of €500,000, or more, paid an average tax rate of just 19.86%. Of 234 individuals earning between €250,000 and €500,000:

* 54 paid tax at a rate of between 0% and 5
* 34 paid tax at a rate of between 5% and 10%,
* 145 paid tax at a rate of between 10% and 20%,
* Just one individual paid tax at a rate of 20%
* Not a single individual paid tax at a rate in excess of 25%

The low rate of tax was based on their ability to avail of generous tax reliefs:

* 148 individuals availed of tax reliefs on capital expenditure on hotels at a cost of €58.4 million
* 36 individuals claimed reliefs for interest paid on loans to acquire an interest in a company at a cost of €15 million
* 10 individuals claimed reliefs on studs and stallions at a cost of €3.36 million
* 43 individuals claimed exemptions on income from patents at a cost of €36.9 million
Karl

My appologies to all. Apparently I was wrong in calling for the re-enactment of Keatings Legislation as they were only regulations. Here is a compilation of two of David Norris's emails.
Dear Jim,
Thanks very much for your message and for reminding me about the Keating regulations. They are actually regulations rather than legislation. The problem is that you cannot enact regulations. They come in the wake of a bill and they are ministerial regulations. The Bill empowers the Minister to make such regulations. I and I have looked them up and I will be pushing them in the Seanad.
Best wishes
David Norris

I strongly believe that Justin was correct and that the Irish People should benefit from OUR natural resources

Jim

Hi Marie. Yes. However change does not come easily and the corrupt will not desist from their amoral actions so long as we continue with the present political/economic system. Look at the political parties in Dail Eireann, can you honestly say that there is a discernable ideological difference between most of them? Change will only come if the majority ofour people demand so. It is up to those of us who desire real change to try to give leadership by persuasion. If, and I say if even the bones of a really radical programme for change that can unite the participants at the upcoming conference is agreed, that in itself would serve as a rallying call for a huge section of our people. Keep the faith and continue the good fight.

Condorpaddy you ask why the sell off of our Natural resources is not discussed in the media.
Lest we underestimate the impact of the symbiotic relationship between the media, the corporation and the state, Tony O'Reilly’s boast of his securing of the state-relinquished oil and gas resources off the west coast of Ireland, with a potential EUR1.4 billion value, to Forbes magazine in September 1983, should come as blunt realisation to those who doubt it. "Since I own 35 percent of the newspapers in Ireland I have close contact with the politicians. I got the blocks he (the geologist) wanted." [noted by Frank Connelly, The Village] [22]. Tony O’Reilly Junior, the Chief Executive of Providence, one of the companies who currently own the Dunquin reserve.
The dominant media have failed to accurately frame this debate and appear intent on regurgitating the same unsubstantiated myth that Ireland has no valuable natural resources to the detriment of public cognition and in contradiction to their stated goals of impartiality and 'balance'.

Hi Noel it may be a defeatest attitude as you say. I hope I am wrong and that people at the next election will vote for a real change in society. Based on the fact that 1% of the population are estimated to own at least 34% of the wealth of the country? Their parties FF & FG should at most get only about 5% of the vote.

A Revenue Commissioners’ analysis for 2008 showed that 189 high-income individuals with an annual income of €500,000, or more, paid an average tax rate of just 19.86%. Of 234 individuals earning between €250,000 and €500,000:

* 54 paid tax at a rate of between 0% and 5
* 34 paid tax at a rate of between 5% and 10%,
* 145 paid tax at a rate of between 10% and 20%,
* Just one individual paid tax at a rate of 20%
* Not a single individual paid tax at a rate in excess of 25%

The low rate of tax was based on their ability to avail of generous tax reliefs:

* 148 individuals availed of tax reliefs on capital expenditure on hotels at a cost of €58.4 million
* 36 individuals claimed reliefs for interest paid on loans to acquire an interest in a company at a cost of €15 million
* 10 individuals claimed reliefs on studs and stallions at a cost of €3.36 million
* 43 individuals claimed exemptions on income from patents at a cost of €36.9 million

Noel I ask you straight is this likely to happen?
Pa

Marie, you say that while you agree that nationalising our country's natural resources would be aprogressive move, you feel that it is unlikely to happe. With respect that is a defeatist atitude. The value of our sea fish resources and gas/oil resources has been valued in the hundreds of billions of Euro and would more than just wipe out our government's borrowings, it would deliver to us the funds to provide the type of quality health and education facilities that we can only dream about. That surely is worth fighting for. Forget about the political reprobates and toerags in Dail Eireann. If the huge anger of our people can be translated into action, they will be pushed aside. While I have zero tolerance for our present Dail representatives I have absolutely no doubt but that there are many decent and honourable people in our country who eschew gombeen politics and could become by way of elections, a 'peoples' government. This would give real meaning to Kennedy's words "Ask not what your country can do for you" (the present political thinking) to "Ask what you can do for your country" (the thinking we need).

I agree with Noel but feel that the nationalisation of our natural resources is unlikely to happen. We must demand that the government fulfill its role in looking after the best interests of the Irish people rather than the few wealthy people, some of which, of course, are not Irish.
Donal is making a lot of sence we must pressure local TDs to realise they will not be elected again unless they act now, ...forces change. I would include in this people who are seeking election also.
I feel we should get political parties to include the taxation of Irelands wealth and re-enactment of Keatings Legislation in their manifestos.
Jim

More financial solutions to our disaster.
Who in power is listening?
How do you attract positive responses from government?
Talking "round the camp fires is whistling in the wind".

The message must be directed upwards to those in power.
Only pressure on local TDs who realise they will not be elected again unless they act now, ...forces change.
Discussion between unelected persons is not effective unless followed by pressure groups directing influence at local elected representatives.
That's democracy in action.People power.