Banks to get tax windfall despite losses

Banks that have cost Irish taxpayers billions of euro, will be able to offset billions in losses against their future tax bill to the state.

25th June, 2011
Banks to get tax windfall despite losses
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Banks that have cost Irish taxpayers billions of euro, will be able to offset billions in losses against their future tax bill to the state.

Figures released by the Minister for Finance, Michael Noonan, show that the 100 largest banks operating in the state, which include IFSC operations, will be able to carry forward €34 billion in unused losses and capital allowances to reduce the amount of tax they pay in the future.

The enormous sum...

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