CHILDERS CALLS ESRI REPORT ON BANKERS TAX OUTDATED & FLAWED

Wednesday, 4th July 2012

Nessa Childers MEP today criticised the ESRI report* on EU proposal for financial transaction tax.

"This report is outdated and fundamentally flawed in many ways. Firstly it was written three months ago, while in the meantime the European Commission has actually revised its impact assessment**. Data in the report is therefore out of date.

"Also the European Parliament, which has pushed for the tax for over two years, has since voted on its own report*** and proposed the crucial 'issuance principal'. This new principal means no financial activity will relocate from Ireland, as all firms in the world who serve the European market will have to pay the tax. This principal should be included in the new Commission enhanced co-operation proposal due soon.

"What is most strange is that this publicly funded report was written three months ago, but only released to the public this week. Why was it not released for public consumption and debate before now? How could the Minister take a stance on the issue at EU meetings without a public debate?

We need a full debate on this issue before the Commission publishes its follow-up proposal."