Dail row erupts over Cowen decision on CFDs
A major row has broken out in the Dail over claims that the Taoiseach changed the law to benefit a handful of Anglo Irish Bank investors in 2006.
Labour Party leader Eamon Gilmore told the House that Brian Cowen, who was Finance Minister at the time, reversed a decision by the Revenue Commissioners to tax so-called contracts for difference.
Mr Gilmore says Revenue had changed the rules in March 2006 in order to impose tax on these contracts, but Mr Cowen reversed the decision within days.
The Labour leader said the Taoiseach's actions had benefited investors in Anglo Irish Bank and demanded to know who had lobbied him about the matter.
Mr Cowen, however, insisted that his actions were based on official advice and were not at the behest of anyone.
Labour finance spokesperson Joan Burton says the Taoiseach's decision to overrule Revenue was one of the factors that contributed to the current financial crisis.
