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

We would not be in the forefront of this debate but as the Deputy is probably well aware that if there are wealthy people in a country such as France or Germany they are liable to have a lot of savings in countries such as Switzerland or, maybe, Luxembourg but that is not the only example. That adversely affects tax take in those countries. Therefore, it is more of an issue for such countries, than for us but, obviously, we will participate. There would not be a great incidence of Irish savings which would need to be taxed elsewhere but there is movement now and there is more transparency in countries, such as Switzerland. It appears now that it will be possible for the savings directive to be implemented. Therefore, if one is a citizen of France and has a lot of money on deposit in Switzerland there will be a mechanism whereby the income from one's savings will be taxed in that country if not in the country of one's residency.