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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: I have one final question. If a non-participating member's institutions trade with another FTT zone member - let us say Ireland and Germany - can Ms McVeigh clarify if the FTT would infringe on them and ensure that double taxation does not arise? If Germany applies the transaction cost and we do not, how does that actually work?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: If we were in the FTT system, the tax that the company will gather will be split 50:50 between ourselves and the Germans.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: If two countries in the FTT system are communicating with one another and transactions are taking place between a German and a French bank, or perhaps a German bank and its own set French set-up, a communication takes places in which the French are drawing down a revenue - the use of that revenue is one matter - and the German institution or the German revenue is drawing down money, which can...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: I am asking how is it collected and how is it split.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: Are the charges exactly the same whether Ireland is in the FTT outside the FTT?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: If we stay outside the FTT and the other 11 member states were to move into it, any commercial business being done with those member states de facto has Irish companies in that zone anyway. Is that what Mr. Byrne is saying?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: Thank you. I call on Senator Byrne.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: The Minister for Finance has been before this committee on this matter on several occasions. It is not that this is being discussed for the first time this afternoon.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: Members in government and in opposition have strong views on this, both in favour and against. They have dealt with the Minister on this matter on previous occasions. The Minister's is provisionally pencilled in for next week. If any members have strong views arising out of this afternoon's meeting I suggest they carry them into next Tuesday's meeting with the Minister.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: The Deputy has only two minutes so I advise him to get straight to the point.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: I must attend a meeting at 5 p.m., so I ask the Deputy to be brief.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: I will be addressing that matter. I call Deputy Mathews. Given that the select committee is due to convene at 5 p.m. to deal with legislation, I ask him to be as succinct as possible in the context of the questions he wishes to pose.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: The Deputy should pose a question.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: I must interrupt the Deputy. I afforded members ten minutes each in which to ask questions and he has been given five minutes because he is not a member.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: Deputy Mathews is not asking questions. He is engaging in rhetorical form of delivery. I afforded members ten minutes for their contributions and the Deputy, who is not a member, has been speaking for five minutes and we have not yet had a response from our guests. I would welcome it if Ms McVeigh could respond to Deputy Mathews's questions or to what he implied. In doing so, perhaps she...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: Would shadow banking processes and transactions be contemplated by the FTT?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: That clarifies the matter.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: I must bring matters to a conclusion.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: No.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Financial Transaction Tax: Discussion with Department of Finance (2 Oct 2013)

Ciarán Lynch: Deputy Mathews is not even a member of this committee. I will be obliged to ask him to leave if he does not behave. I thank Ms McVeigh. I note that she noted Deputy Mathews' delivery. Deputy Ó Ríordáin asked that the committee be kept informed as to the state of play relating to this matter. I opened proceedings by quoting Mark Twain and I will close by paraphrasing...