Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The country holding the Presidency and its representatives chair meetings. In their capacity as chairmen, they are expected to act as honest brokers and advance the European agenda rather than their particular national agenda. When I chair ECOFIN meetings, the Minister of State at the Department of Finance, Deputy Brian Hayes, represents Ireland. That has always been the practice. I will not do anything to inhibit those countries involved in enhanced co-operation which are seeking to advance a financial transaction tax. I will facilitate the process, but we will not participate in it. The idea behind enhanced co-operation under the treaties is that countries which share a common objective can process it, subject to certain conditions and make it policy, but it does not apply to other countries not involved in it.

I have indicated that if there is a desire to discuss a financial transaction tax at the ECOFIN meeting on Tuesday, we can do so and the process could advance to the next stage. The discussion on the CCCTB proposal is not about the rate of tax but the base on which corporation tax is applied, on which there is little agreement. While we will do nothing to inhibit discussion on the proposal, the likelihood that there will be an agreement during the Irish Presidency seems remote. If people want to discuss and move it forward, that is fine.

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