Micheál Martin (Cork South Central, Fianna Fail)
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148. To ask the Minister for Finance if he will report on the most recent meeting of ECOFIN; and if he will make a statement on the matter. [37808/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The last ECOFIN Council, that I attended, took place on 11 July 20217 in Brussels.  It was the first Council of the Estonian Presidency.  The main items discussed are as follows.

Legislative deliberations

Ministers were debriefed on the state of play on the current legislative proposals in the field of financial services.

The Commission presented a proposal regarding mandatory automatic exchange of information in the field of taxation.  This proposal seeks to amend the Directive on Administrative Cooperation, which provides for the reporting and exchange of information between national tax authorities. The Commission noted that some countries already have mandatory disclosure rules in place and it was agreed to accord high priority to the matter and to have the necessary technical work commence immediately.

Non-legislative activities

On the non-legislative portion of the agenda, the Estonian Minister presented the Presidency work programme and priorities for the next six months.  This is usual at the first Council of a new Presidency. The Minister listed its key priorities being in the area of banking union and capital markets union, taxation issues and EU budget related matters.

Ministers adopted draft Council conclusions on the Commission Mid-Term Review of the Capital Markets Union Action Plan.

Ministers also held an exchange of views and adopted draft Council conclusions on Non-Performing Loans.