Micheál Martin (Cork South Central, Fianna Fail)
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Question 168: To ask the Minister for Finance his views on whether the new EU intergovernmental agreement or fiscal compact will have any impact on the IFSC and its ability to do business in an effective and responsible manner; and if he will make a statement on the matter. [1934/12]

Micheál Martin (Cork South Central, Fianna Fail)
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Question 173: To ask the Minister for Finance if he has made an assessment of whether the withdrawal of Britain from the EU intergovernmental agreement will affect the IFSC; and if he will make a statement on the matter. [1924/12]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 168 and 173 together.

As of the European Council meeting last night, 25 of the 27 EU Member States signed up to an intergovernmental agreement. The intention is to have the agreement signed in March.

In these negotiations the Government at all times sought to protect Ireland's interests and also the jobs in the IFSC. In particular, while it was not mentioned in the agreement, the Government's position is clear on the introduction of a Financial Transactions Tax. We do not agree to such a tax being introduced except at a global level or at least by all 27 Member States of the European Union including the United Kingdom. The Taoiseach reiterated this view during the recent British-Irish Council meeting in Dublin.

I announced in my Budget speech that I intend to introduce a package of measures in the forthcoming Finance Bill to support the continued success of the international financial services industry in Ireland. The sector employs more than 30,000 people and contributes over €1 billion in tax to the Exchequer. The Government's commitment to the sector was reaffirmed in the five year strategy for the industry which was launched by the Taoiseach in July last year.