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

Ireland's position is that at a level of principle we would support a financial transaction tax, provided it was applied universally and particularly to the main world financial sectors. That would be our ideal position. If it applied in Singapore, Hong Kong, New York and Tokyo as well as in London and the European centres, we would go along with it. Our next position, in order of descent, would be that if a financial transaction tax was agreed across the 27 members, we could also agree to that. Our fear is agreement to any lesser group having a financial transaction tax in which the United Kingdom would not participate. Some 33,000 people here work in financial services and we believe that if a financial transaction tax were introduced here and not in the United Kingdom, activity would migrate from Dublin to London, resulting in a loss of part of the industry and some jobs. On the other hand, we can see the merits and principles of a financial transaction tax. In the event of a group of nine, ten or 11 member states agreeing a financial transaction tax, we will not seek to put barriers in the way of its being introduced elsewhere.

What is currently being discussed is a form of stamp duty on share transactions and other financial transactions. A low level of 0.1% is the tentative suggestion, although that is not a hard proposal. In Ireland, we already have a stamp duty on transactions in shares, which stands at 1%. What is being debated is not particularly out of line with what we are doing, although what we are doing is at a higher level than what is being contemplated. Listening to the contributions of colleague Ministers around the table, I found there was no common view across the 11 member states that have signed the enhanced co-operation request. Each has its own attitude. As such, it might be quite difficult to get agreement when it comes down to the particularities of a tax, even among the 11 concerned.