Charlie McConalogue (Donegal North East, Fianna Fail)
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To ask the Minister for Finance his views on the implications for Ireland of the imposition of a Financial Transaction Tax in 12 EU countries; and if he will make a statement on the matter. [10612/13]

Michael Noonan (Limerick City, Fine Gael)
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A formal European Commission proposal for a Directive implementing, via enhanced cooperation, a financial transactions tax (FTT) was issued on 14 February 2013. An economic impact assessment was published at the time of the original Commission proposal in September 2011. The Commission has concluded that a revised impact assessment is not warranted in connection with the current proposal but they have published a paper which provides additional information which should be considered in conjunction with the original impact assessment.

All 27 EU Member States are participating in the working party meetings on the FTT, currently under the chair of the Irish presidency, which is examining the proposal in detail, including the potential impact of the proposal for those countries that will not be participating in the tax.

Eleven Member States have agreed to move ahead with the introduction of an FTT in some form and only these Member States, participating in enhanced cooperation, will have the right to vote on the proposal.

The first working party meeting on the FTT took place on the 21 February 2013. At this early stage of discussions, it is not possible to estimate the impact for Ireland, or indeed for other non-participating Member States, of the introduction of an FTT in the 11 participating Member States, given that it is not yet clear what form this tax might eventually take.

I can assure the Deputy that my officials will be raising any concerns that may arise as the proposal develops with a view to ensuring that any potential negative implications for Ireland from the proposal are given due consideration by the participating Member States.