Oireachtas Joint and Select Committees
Wednesday, 17 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Tom Considine:
I do, yes. Actually, what happened was that Revenue was going to issue an opinion that stocks purchased for ... to support sales of contracts for difference will be subject to stamp duty. Now, the understanding I have is that when that piece of legislation was introduced, these didn't exist. So, what we got was representations from the Irish Stock Exchange, the London Investing Banking Association, J&E Davy and PricewaterhouseCoopers. And the essence of it was that if we went ahead and did this, that the stock market would be hit fairly hard in terms of ... in terms of its business and so this was ... it was decided to review it and this was eventually dealt with in the Finance Bill of 2007 with the introduction of intermediary relief and it was fully debated in the Oireachtas and the Taoiseach, Brian Cowen, made a statement on that in Wednesday, 18 February 2009.
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