Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

It is not, actually. I would like to make my point. I know an argument can be made about Russian money, etc. Some high profile banks from mainland Europe have been found guilty of massive money-laundering as well. Have the Taoiseach and the clearing house assessed the implications of the consequences of the Cypriot deal for the financial services centre there? Have they reflected on the potential for the future evolution of troika and EU policies that might apply to the financial services centre to have a negative impact on our financial services? The proposed financial transactions tax is one such policy. We know the Germans tried at an early stage to blame the centre for what happened in one or two banks, even though much of the fault lay closer to home than they liked to admit. There are concerns that a fairly brutal decision was made to take out the financial services sector of the small Cypriot economy, which does not have much else - tourism and a few other industries - to sustain it into the future. At least we have had the technology and life sciences industries here for the last 30 years. They have helped us during this crisis. Other countries do not have such industries. I suggest there is a certain callousness in the approach that is being taken.

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