Michael Noonan (Limerick City, Fine Gael)
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In principle, we favour a financial transactions tax, but there would be distortions in trade and business, especially in financial services, unless it applied globally. As a fall-back position, it would need to apply at least across the 28 member states of the European Union before we would find it acceptable. Our biggest problem, to be very precise, is that as long as the UK stays out, which it intends to do, we fear a transfer of activity from the financial services industry in Dublin to London.