Enda Kenny (Mayo, Fine Gael)

The Deputy has not raised the role and responsibility of the banking and treasury working group, nor has he raised the role of the IFSC funds, insurance, pensions or asset management working groups.

Regarding the retail banking sector, I agree with the Deputy on what happened when Ireland decided to run its affairs on the basis of windfall taxes from property speculation and that the greed of the banking sector resulted in extraordinary incentives and more pay for those who lent more, but that is a very different proposition from that associated with the IFSC. The Deputy wants to lump them all together and close down the country entirely.

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