Sean Barrett (Independent)
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I welcome the Minister. Regarding the financial transactions tax, the former head of the NTMA, Michael Somers, is worried about the fact three or four banks in the IFSC have handed back their licences. Is that connected to the tax? We say we are against it, yet we are presiding over the committee which is thinking of introducing it. What feedback does the Minister have from the banks who want to leave, given that, I understand, about 22,000 people work in the IFSC? I am interested in the observations of the Minister on the departing banks.

There are about five references on page 5 to fraud, evasion and so on. As the Minister knows, increasing concern is being expressed in the literature that they are minor issues, but the damage done by the tax avoidance industry, with massive accountancy firm and tax lawyers, may exceed that. Will Ministers address the tax avoidance industry, which is huge throughout the OECD? Would the emphasis be better placed on tax avoidance rather than fraud?

I refer to the EU budget. It is not clear what our position is. Are we in favour of the €11.2 billion mentioned by the Minister? He mentioned a compromise but it is not quantified.