Eamon Gilmore (Dún Laoghaire, Labour)

I wish to ask the Taoiseach about three of the conclusions reached at the summit. First, each Government must now submit a draft budget for 2012 for the approval of the Commission by the spring of next year. How will this system work in practice? In our system, budgets are not normally finalised until some days prior to their delivery. We do not know what they contain until they are delivered. How much information will be required to be submitted to the Commission? Will the budgetary system here need to be changed to conform to this new requirement? Will the information being submitted to the Commission be made available to the House?

Second, the Council agreed that member states should introduce systems of levies and taxes on financial institutions. To what is it intended these levies and taxes will be applied? Will they apply to profits, balance sheets or transactions? What rate will likely apply? To whom will the revenue go? Will it go to national governments or to the European Union?

Third, it was agreed that the introduction of a global transaction tax should be explored further. However, I note that the idea of a transaction tax was not agreed at the G20 summit. Is it intended that this proposal will be progressed as an EU project on a unilateral basis?

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