Mr. Martin Fraser:

To be fair, the National Economic and Social Council deals with a whole range of other issues around social policy, poverty, the vulnerable, who is being affected by the crisis and issues which are very important to people. It members are drawn from the community and voluntary pillar, the Society of St. Vincent de Paul and other areas. I probably spend more time at those meetings than at meetings of the Clearing House Group. As civil servants, we do whatever work we are asked to do.

In terms of the financial transaction tax, there is no doubt that the Irish financial services industry does not want one, nor do I think any financial services industry wants one. The real issue for Ireland is that if there was not one, in particular in London or any other place with which we have to compete, then there is a very great likelihood we would lose many important jobs in Dublin and other areas to London.