Thursday 8 December 2016

Elaine Byrne: IFSC living by its own rules and not in the real world

Financial transaction tax of 0.01 per cent would raise €500m in annual revenue here, writes Elaine Byrne

Published 06/05/2012 | 05:00

I want to tell you a story. It is about how the real world works. In this world there are two sets of rules. There are the rules that the plain people of Ireland live by, the ones they have to, with demands for water and a household charge.

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And then there are rules that Ireland's financial sector lives by. The rules that they make up for themselves.

How does this world work? The Department of the Taoiseach coordinates the long-winded, International Financial Services Industry (IFSC) Clearing House Group. In a Dail statement last March, Enda Kenny said the purpose of the group is to consider "the long-term development" of the IFSC and "the progress of relevant legislation, both domestic and European [and] consideration of regulatory issues".

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