Independent TD for Wicklow and East Carlow. Fighting for job creation, economic justice and political reform.

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Finance
The Eagle has Landed

The Eagle has Landed

Today the Public Accounts Committee’s looking into the potential underselling of Project Eagle (NAMA’s Northern Ireland loan book) by about £200m. What it won’t be looking into is more important. First, with potential profits of nearly £2bn from Project Eagle, the undersell could be way, way more than £200m. Second, the purchaser of Project Eagle...
Eagle's Potential Loss is Bigger Than £190m

Eagle’s Potential Loss is Bigger Than £190m

The potential loss of £190m to the state from Project Eagle is getting much attention. But there’s a much bigger loss to the state from Project Eagle… about £500m in potential tax avoidance. And unlike the £190m, that £500m can be brought in, if we just make a few important changes to the Finance Act...
Why I Had No Option but to Leave the Social Democrats

Why I Had No Option but to Leave the Social Democrats

I’m writing today about what the State needs to do to secure in the region of €10bn to €20bn in potentially lost taxes from the so-called vulture funds. However, I would first like to comment briefly on my decision to resign from the Social Democrats. Having vested so much in the party, and worked with...
Tax Avoidance Anomaly Means Pain for Taxpayers

Tax Avoidance Anomaly Means Pain for Taxpayers

In recent weeks, I’ve been looking into entirely lawful ‘tax neutral’ schemes being used by so-called vulture funds in Ireland. And I fear a legitimate law could inadvertently lead to one of the biggest avoidance of Irish taxes in the State’s history. We could be looking at total lost taxes in the region of €20bn...
Who Owns Mars Capital?

Who Owns Mars Capital?

Mars Capital – the company that bought the mortgages of Irish families from IBRC at a 58% discount – is owned by a children’s charity. From Leaders Questions: “Last week I showed how a U.S. vulture fund structured its Irish subsidiary, Mars Capital, to avoid paying taxes in Ireland on its Irish profits. I now...
Why are charities being made the owners of Irish companies that control large financial assets?

Why are charities being made the owners of Irish companies that control large financial assets?

Why are certain Irish charities being made the owners of Irish companies that control large financial assets? Why would a group of charities, whose stated aim is to raise cash for good causes, also happen to own companies managing billions in assets? Is this sort of thing likely to increase, or further erode, public trust...