Michael Noonan (Limerick City, Fine Gael)

Our information on the proposal is not precise enough to make those kind of fine calculations. It is true to say, however, that in general terms it would be injurious to Ireland, as there are 30,000 people employed in the financial services area here. It is hard to estimate because it depends on what activities the tax might apply to. In Ireland, at present, it is back-shop employment servicing the financial services industry, and there would not be a tax applying to those activities. We need to watch what transactions a proposed tax would apply to. Would it hurt existing employment, or would it stop the financial services industry in Ireland from upskilling to get into other more lucrative activities where higher skills and wages would ensue? Those are the present and future issues, so we are developing an information base for the discussions that will arise in Europe later this year.

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