Michael Noonan (Limerick City, Fine Gael)

No, I am not sure. Politics is an inexact science. We are trying to evaluate risk and we are making our best judgment on the risk. The type of financial transaction tax proposed in the European Commission paper would have a significant impact on jobs in Ireland, and particularly in Dublin. Ireland already has stamp duty, so if the Commission goes down the stamp duty route, we will see how it plays and we will keep an open mind.

There was very little information about how a financial transaction tax would have an impact in Ireland, so I asked the ESRI to evaluate the Commission paper to help me take up a negotiating position. I decided then that Deputies may as well share in it. It is somewhat dated now because the Commission has moved away from the idea in the Commission paper and is following a different route.

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