Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Does the Deputy want an answer on the financial transaction tax? What is being proposed in Europe, so far, is a form of stamp duty starting at 0.1% on certain transactions. We have a stamp duty on share transactions already so we are one of the few countries in Europe with a significant financial transaction tax. Our stamp duty is at 1%. In the United Kingdom there is a stamp duty of 0.5% on the same type of transaction. What is being discussed in Europe at the moment is the introduction in certain other countries of stamp duty on share transactions and possibly other transactions of 0.1% at a minimum.

We are not joining that piece of enhanced co-operation because there are 33,000 people employed in financial services in Ireland. The United Kingdom has indicated that there are no circumstances in which it will be bound by a financial transaction tax emanating from Europe. In those circumstances there would be a transfer of jobs, particularly out of Dublin into London, if we were tied into a financial transaction tax that would extend the base along the lines being suggested by some people in Europe. There is a strong number of dossiers on financial services coming through under the patronage of Commissioner Barnier. When Ireland has the European Presidency, carrying that portfolio of work forward will be part of the co-operation between the chair and the Commission.

We can get a schedule on the national debt, as I came here to discuss the Estimate. We can also get the rest of the information requested by the Deputy. On the external outlook, the Deputy would have seen various estimates, and it looks as if after the presidential election in the United States there may be a way to recovery. There are certain signs that the US economy is recovering but that has not yet been proven. There are certain difficulties in various other economies, including China. The prospect internationally is not particularly optimistic at present but these kinds of positions can sometimes change very quickly.