Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Mr. Cowen, by 2006, one third of the value of trades on the Irish Stock Exchange were accounted for by contracts for difference. Now, as you would know, a contract for difference is a form of derivative instrument that allows an investor to bet on the likely performance of a particular stock without owning the stock, or a majority of the stock even, and it could allow investors to hide their identity and also not to pay stamp duty. Mr. Cowen, why did you reverse a decision by the Revenue to introduce a stamp duty on contracts for difference in March 2006 that would have reduced their attractiveness perhaps as a speculative venture and also closed off a tax loophole?