Ciarán Lynch (Cork South Central, Labour) | Oireachtas source

I will continue with my questions on this matter before inviting members to contribute.

A host of transactions are taking place in the IFSC and other financial institutions across the globe. One of the reasons Ireland has a financial services centre - and the reason all of these transactions are not emanating from London instead - is that ours is an English-speaking country in the eurozone. As such, we occupy a particular location on the economic map of Europe. As this matter moves forward, will the Department be examining the level of transactions in which Ireland currently engages with the countries that are to participate in the enhanced co-operation mechanism? Does it intend to calculate the revenue for Ireland from its transactions with those countries in the first and second quarters of next year? Although the Department has provided an estimation of the projected income, if we engage in an exercise such as that to which I refer and identify the revenue that will be foregone by not imposing a tax on these transactions, we could obtain an idea of the real income level involved.