Mr. Aidan Carrigan:

First, financial services is a risk industry. People make money in financial services by taking risks and, if we preclude risk taking, the industry dies. We have a significant economic interest in the financial industry here and, therefore, we do not want to preclude the taking of risks. However, we want to manage the taking of those risks and to protect the economy against excessive risk-taking and the fall-out from that. The Deputy asked whether this is about the creation of a global casino. Elements of the global casino exist and this measure is about protecting the economy against misuse or abuse in the global market.

I do not accept the comparison with the FTT issue. This is completely different. This is about regulating a financial sector rather than a taxation element, and in regulating this sector, Ireland, of all countries, has to be extremely conscious of the need to protect against unexpected outcomes. We are very aware of that having been through a financial crisis.