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Minister for Finance (Deputy Michael Noonan)

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Minister for Finance (Deputy Michael Noonan)

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Snippet Contents:

The upcoming vote at ECOFIN relates to the Council Decision authorising enhanced co-operation in the area of financial transaction tax (FTT) and not an FTT directive itself. Should authorisation on enhanced co-operation be granted, the Commission will bring forward a revised proposal for an FTT to be introduced in participating member states. Ireland currently holds the role of Presidency of the Council and it is anticipated we will be chairing meetings on this proposal during our EU Presidency from January to June 2013.
Opinion on the FTT is polarised. As Chair, we will seek to engage in a careful balancing of the desire by the participating Member States to move ahead quickly, with the rights of the non-participating member states to have their concerns heard.
Ireland will abstain from voting at the upcoming vote to ensure our neutrality. However, based on the discussion at the COREPER meeting last Friday, 18 January, it is expected there will be a qualifying majority of votes in favour of authorising enhanced co-operation in the area of FTT.