Michael McGrath (Cork South Central, Fianna Fail)
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Question 68: To ask the Minister for Finance if he will provide an update in respect of recent discussions at ECOFIN in relation to a proposed financial transaction tax; and if he will make a statement on the matter. [31431/12]

Michael Noonan (Limerick City, Fine Gael)
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At last week's ECOFIN meeting it became clear that EU-wide unanimity on the Commission's Financial Transactions Tax (FTT) proposal would not be achieved and a number of member states will now seek EU agreement to introduce an FTT on an "enhanced co-operation" basis. Ireland opposes enhanced co-operation in tax matters and will not be one of the enhanced co-operation countries. However, I indicated at the meeting that we would not stand in the way of those countries who wished to introduce an FTT. It is not clear at the moment whether the required number of countries (nine) will agree to enhanced co-operation. We will continue to monitor the issue, in particular to ensure the compatibility of any proposed measure with the internal market and with existing taxes on financial transactions such as our Stamp Duty on transfers of shares in Irish companies.