Mr. Aidan Carrigan:

I am not in a position to comment in detail on the FTT, as it is outside my competence.

I turn to the financial regulation points that the Deputy makes. Within the money market funds area, I have previously commented that the Department sees this as providing a valid platform for large corporates to manage their treasury functions. It would make available to the banks liquidity that would otherwise be tied up in those corporates and provide funds which could then be used to finance the economy. We think there is something worth regulating here. We want to maintain money market funds and grow them in Ireland and Europe, and we want to enhance their regulation to protect against any abuse. We believe that proper regulation is being achieved. That is why we have representatives of the Central Bank with us today. They have commented a number of times that they have regulated such funds effectively in Ireland for the past ten years and do not see them as excessively risk-taking. I would see that as strong independent advice to the Government that these are valid financial instruments which can contribute to the economy.