Stephen Donnelly (Wicklow, Independent)
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I thank the Minister. I have a final question, as I am being encouraged by the Chair to finish. Regarding this week's ECOFIN meeting on the financial transactions tax, my understanding is that the tax would apply to high-frequency trading more than it would to low-frequency trading, for example, derivative markets. I also understand from speaking with the financial services industry in Ireland, which is based chiefly in the IFSC, that they mainly handle low-frequency transactions. They do not handle, for example, marginal trading, but fairly calm asset management and so forth.

We have received strong briefings from the Department of Finance, but I do not share its view on this matter. We are missing a codified, rather than seemingly anecdotal, analysis. I am not saying that the Department's briefings were wrong, but I do not accept that it has got this matter right. Perhaps it has. Will the Department provide us with documentation that outlines a formal position and real numbers instead of just anecdotal evidence? It is a ridiculous position. If no analysis is possible without an agreement, one cannot take such a hostile position. One cannot have it both ways and be opposed to something only to tell the Parliament when it asks for the analysis supporting that stance that none is possible because one does not know what will happen.