Enda Kenny (Mayo, Fine Gael) | Oireachtas source

It is only right and proper that there be balance in the dialogue between the public sector and the private sector. The Deputy is aware that this is not always a benign environment. The way companies operate is cut-throat and competitive.

In so far as the chairing of the Clearing House Group by the Secretary General of the Department of the Taoiseach is concerned, it is to provide a forum for discussion, analysis and views on how the industry might be both protected and developed. I accept the Deputy’s point about the opportunity to attract new skill sets in various areas. I refer, for example, to green finance, Islamic finance and also companies that deal with the processing of payments for other companies. I had the opportunity to open such a company recently in the IFSC. These are areas that are always under consideration.

A detailed report was produced by the European Commission on a financial transaction tax. It pointed to the scale of job losses that could occur. As the Deputy is aware, there are different views on such matters. The Department of Finance carried out research on the matter. I will ensure whatever research is available will be presented to the Deputy. I am not sure whether the Government commissioned a formal report on a financial transaction tax, but we came to the view that if such a tax was to be imposed in this country and not in London where the Prime Minister, Mr. Cameron, was clear in his view on the matter, it would place the IFSC at a disadvantage.

We have moved on to making that clear at a European level, pointing out that the enhanced co-operation-----

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