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

We will closely monitor any development because it is an issue of great relevance to Ireland. I do not believe there is a question of Ireland foregoing any tax. That is conceived so far on the basis of what has progressed. Our tax take for the 1% stamp duty will be in excess of any possible take that will accrue from a financial transaction tax. A number of other issues are running parallel to this. There is agreement among the 11 member states concerned that a financial transaction tax is in principle a good idea. However, what to do with that financial transaction tax is a matter of debate. Some people believe that as per the Tobin tax, with which Members will be familiar, it be used to fund non-governmental organisations, NGOs, in under-developed countries. Another cohort of people think it should be used in the area of climate change, to reduce carbon emissions and so on. The stronger view now is that it would form a separate stream of direct funding for the European Union. Currently, this funding is provided by way of contributions from member states. The thinking now is in terms of a separate stream funded by a financial transaction tax and, possibly, other means in the future. We are in the early stages of debate on the issue, with 16 of the 27 member countries having already removed themselves from the enhanced co-operation. There are a range of issues on which there is not unanimity.