Ms Brenda McVeigh:

There is a cascade effect with a repo transaction. It will not be 0.1%; it might be 0.1% times 50, for the number of times that transaction takes place in relation to that product. It is actually 0.1% in the end. That is part of the problem. The European Commission has been asked to consider such issues, but it is not coming back to us with anything. When we go to the Commission with issues of double taxation because we have a stamp duty, we are told that is our problem to fix. This is against the spirit of the treaties. We should not have to fix a problem of double taxation. As I say again to the Deputy, there is nothing to prevent us from eventually coming into the FTT in a reasonable agreed format if that is what we want. At the moment most are staying out of it because of problems such as this.