Michael Noonan (Limerick City, Fine Gael)

It is, I suppose, the beginning of a debate. The Commission is charged, as part of its legal responsibility, to bring forward policy proposals for the Europe Union and it does this from time to time. Sometimes the proposals get legs under them and they are discussed quickly at political level. Other times they merely lie there and they are not activated.

This seems to have a push behind it from certain European countries but it is equally strongly opposed by others. For example, the UK has come out against it already. That seems to make it difficult for Ireland because if there is a financial transaction tax down town here which does not apply in London, there is a big risk of displacement. By the nature of that business, even if it applied euro wide, there would be a displacement effect into places such as New York, Singapore, Hong Kong and Malaysia, which is increasingly becoming the Asiatic centre for Islamic money and where Kuala Lumpur is the centre for its management.

There are many issues to be looked at. We must protect our interests.

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