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Dublin: 12 °C Tuesday 21 May, 2013

Kenny: We would like to see banks taxed

However, the Taoiseach said that any financial tax that is not introduced in London will not be accepted in Dublin.

Image: Mark Stedman/Photocall Ireland

THE TAOISEACH HAS said that although he wants to see banks subject to new taxes, he will not accept any financial taxes in Dublin that are not charged in London.

At a news conference following the British-Irish Council summit yesterday Kenny said that there cannot be different situations in London and Dublin.

“You cannot have a situation where a financial transaction tax resulted in a difference between what happens in London and what happens here in Dublin.

We have made it very clear that it would not be acceptable to us.”

Kenny added that such a tax would only be welcomed if it was agreed and implemented on a global level.

British Deputy Prime Minister Nick Clegg echoed Kenny’s opinion.

He said that his government were adamant that “this type of tax had to be done in a global way”.

“To do it partially – just in Europe or the EU – would not lead to growth and dynamism but job losses. For that reason, we do not support it,” he reiterated.

Clegg also pointed to the European Commission’s own research which he claimed showed that up to half a million jobs could be lost as a result of any transaction tax.

When in an economically precarious position, I don’t think the priority should be a measure which even its proponents admit would lead to significant levels of unemployment.”

The Taoiseach said the leaders had a “useful exchange” on the economic challenges facing the various jurisdictions of the council. Scottish First Minister Alex Salmond, Welsh First Minister Carwyn Jones and Northern Ireland’s First and Deputy First Ministers Peter Robinson and Martin McGuinness also attended the meetings.

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Comments (66 Comments)

  • Why then didn’t he use the veto on the fiscal compact. Isn’t this why The UK used the veto.

    Seems to be talking out of both sides of his mouth.

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  • I am in no way a massive fan of Britain, but it must be said at least their own government is willing to stand up for their country’s interest. It would be nice if our government could put our interests first for a change. Any european wide tax or policy is bound to bring discontent to one nation or another. I agree with a bank tax, but it has to be decided on by individual countries themselves. They know best what their country needs.

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    • But perhaps its better to let Britain make a stand on this and then row in behind them. Then the next time our corporation tax becomes an issue again, they will row in behind us. That’s what the EU basically is about – constant political wrangling.

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    • This bank tax is a good idea Ryan O’G but won’t work unless every country in Europe (and the world) adopt it. No way are France and Germany going to adopt it unless Britain does as and why would they when there is so much business to be gained. But don’t be fooled that Cameron is doing this for his country. He has taken this stand for his party, the tories, and his banker buddies. There is nothing admirable about him Ryan. You were right in your first sentence. Remain not a fan. :)

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  • The financial district of London is the heart of finance around the world. Its called the corporation of London and has its own police force and laws. It pays little or no tax and between them and Wall Street is the driving force behind the criminalty that is the banking sector. Camerons plan to tackle this have been revealed as bullshit so for Kenny to side with this banker stooge has shown us who he is in bed with.

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  • Banks subject to taxes that are owned by the state are passed onto the public, why would enda even consider more bank charges as a positive thing that results in more job losses.

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    • He was asked in relation to the French proposal for a new EU or eurozone financial transaction tax. Title is very misleading (as well as the story being a day old at this stage!). If it was done at a global level every country would be affected equally.

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  • So the goverment thinks it should tax itself as it owns the banks!! The imagination of fine gale and the civil service always amaze me

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  • This should have been dealt with in 2008. Here we are nearly four years later and the global meltdown still has not been sorted out. Their is no real leadership on this issue as banks caused this meltdown by reckless investment in derivatives and re-hypotagation of financial products( how financial products came into existence is another example of bad de-regulation in the latter part of the twentieth century but that’s another story). The investigation of these issues should have been of paramount importance instead the leaders of this world decided to try and carry on with the same model. By not admitting the system is broken and keeping the flawed and debt filled banks going governments around the world are trading in debt that is non existent. If a proper investigation was done into some of the main bailed out institutions the fraud could possibly be found until then it’s business as usual for these perpetrators of fraud and they are rubbing there hands with glee. If a transaction tax is introduced this would slow them down but it won’t solve the disease that has infected this sector.

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  • Oh Inn 14/01/12 #

    I would like to see this article modified to include a description of the tax being discussed.

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  • Enda’s seems to be getting extra friendly with Cameron all of a sudden. ‘?? !!! Whats that all about I wonder ?

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  • It’s real easy the banks say jump and the politicians oblige.

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  • At the end of the day, there’s only one group who will end up paying a ‘transaction tax’, and we all know that would be the end consumer.

    Again.

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  • The foresight of this man is astounding what an idea !’
    Nobel prize winning stuff !!
    We should all prostrate our selves before the fountain of knowledge in Kildare street and await the presence it the 12 ministers if truth from the balcony
    Or on the other hand we could just shout abuse

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  • Is he saying ‘Bank Taxes’ or ‘Tax Banks’? Is he saying ‘I WILL tax the Banks and the exorbitant pay of their upper levels’ or is he saying ‘I would LIKE to tax banks’ …

    It isn’t really a promise of anything at all, is it? ‘WOULD LIKE’

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    • Dear Emma,
      Don’t you know anything about politics? If a politician has a new piece of legislation in mind then they at first simply mention it in order to see how the sheep will react to it. See, you don’t want to burn down your political capital with a single unpopular idea. Now the sheep will react and the politician will do an estimation to see if many of his loyal sheep got upset about this idea.
      Live and learn

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    • Dear Dave.

      This has nothing to do with the sheep, as in us, this is all for the wolves, as in the banks.

      Live and learn.

      Reply
  • This is a scam of epic proportion. Good thinking by NAMA though or should I say forced thinking. http://namawinelake.wordpress.com/ bringing in the guys that caused the problem to sort it out that’s always a ‘brillant’ idea. Did I mention this system is gone beyond corrupt. Can no one see this or is it the blind leading the blind or should I say the richer leading the rich.

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  • If you tax the banks they are going to pass it on to Customers.It seems that the Irish Government is edging towards what the British are doing.I see that the British Government are trying to take children’s allowances from incomes of over 44 thousand sterling a year. Also cutting social welfare. And do you know what Irish Government will follow suite.

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    • And Spain, Greece, Italy, Portugal etc are all introducing the same or similar measures. Some call it austerity, others call it living within their means.

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    • I believe that people should live within their means. My point is that some of the policies that the British Government are pursuing are being also introduced here. The present Irish Government Especially the Finna gale are more a lined to the Consecrative Government in Britain. As regards the banking Issue What can one say

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    • Cameron is one of the few standing up to the EU bully boys. Now with Ireland supporting the UK on this tax matter. Ireland is finally distancing itself for being a “yes sir” state. Twice now Kenny has said A big NO to Europe

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    • Oh Inn 14/01/12 #

      The proposed tax (tobin tax our robin hood tax) is designed as a very low rate on financial transactions.
      This easy it has almost no effect on legitimate people but it acts as a deterrent to speculators. How can this not be a very good thing.

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  • Two points. No FTT in Dublin is part of the deal for the UK bailout to Dublin. Second, if FTTs are competitively bad how does the government justify the imposition of a raft of them on current accounts, savings accounts, ban cards, insurance, etc. there are companies in the IFSC with a handful of staff but with a ‘back office’ of a couple of thousand in London. Tax haven Ireland. Great for the very wealthy, but for the small business owner and taxpayer always the stick.

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    • Agree, haughey set up the IFSC as a unregulated tax haven 4 big banks. More money was going through there than any where else in the world right before the crash.

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    • Have you been in the IFSC lately, there are 50,000 people getting good salaries their, who cares if the banks pay no tax in the IFSC or would you perfer all these people to be on the dole

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    • I don’t think Kenny disagrees with the idea of a financial services tax. Nor has Cameron said its a bad idea but only if it’s brought in world wide. Otherwise they will just move “these back offices” out of the eu

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  • I can not even read stories about this man Enda Kenny anymore. Even his photograph makes me feel ill, its like if I read his words I feel he is saying I am stupid.

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  • He won’t tax his friends in the banks…this is just more kite flying to Europe..the British deciding not to tax the banks must have been music to this clowns ears…unless the British are on board..the whole thing won’t fly which means Dame Enda will let his mates in the banks off the hook or at worst, it will result in a very watered down version of the original plan.

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  • WOULD LIKE

    Being the operative words.

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  • sbourke 14/01/12 #

    London is one of if not the biggest financial hubs in the world, playing to a different tune regarding banking taxes probably isn’t a great idea

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  • And can some one please tell me why kenny is very cosy with Cameron. I smell something in the air when they are together!!!

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  • !!!!!!!!! !!!!!! And on and on and on this euro shite is just never ending. Not a stateman or leader among any of them. I’d join the commonwealth at this stage just so I wouldn’t have to put up with all this waffle everyday

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  • Oh but Inda, will your European masters let you? You seem to blame then on every unpopular decision you “have” to make. Will the non taxation of banks be one too?

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  • This story is a paradox!

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  • Taxation in this instance is essentially the codification of certain financial activities that should always have been legalised but never happened. The common man is the one who is opposed to this form of taxation because it means rules have to be made. For example who should be held accountable for short selling and how much do Hedge Funds have to write off if a country decides to default on its National Debt. If one carries it to its logical conclusion than countries like Myanmar, Cuba and Iraq could have their debts significantly reduced and with greater regulation flows of capital could be directed towards countries starved of investment.

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  • Any tax imposed on the banks will be passed onto the consumer that is you and me.Just proves Kenny wants to tax us more to pay the banks.Makes sense.

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    • This tax is directed at the bankers Norman and if brought in worldwide would benefit us. Its not aimed at us, for a change. The reason it’s being fought by Cameron is because the big banks in London have the Tories in their pockets. Truly. Swear to god.

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    • So you believe the banks will asborb the charge?

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    • Look up Tobin tax online. I’d be hours trying to type it here. It’s a tax governments are trying to bring in to stop banks holding a gun to governments’ heads like they have been. Those governments that are resisting this tax are the ones that are in their banks’ pockets. Tories. City of London.

      I’m sure you’ve noticed my beautiful picture of Spanish seaside ranting and roaring at Enda many times (and will again). :-) This is a good idea. The transaction charges that would be passed onto us would be minimal. It’s really targeted at the gangster banksters.

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    • Its late i’ll be nice take ur word like the pic btw.

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  • The govt would like to see the air we breathe taxed.Hard to see how they can justify wanting tax harmonisation with the uk when its banking but not when its corporation tax.

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  • what’s the point really. All that will happen is that the cost of the tax in some form or another will be inverabily passed onto the tax payer. This is nothing more than political posturing.

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  • How can one “tax banks”? Can we also tax, say, a table? Dear geniuses, where do the banks get their money from? Ok, you might say they get the majority of their money from their business customers. Now, where do you think their business customers get the money from? Hmm, can everyone grasp that ultimately all the taxes are paid by the consumer? Statists still haven’t learned that there is no free lunch in economics. However, the politicians love sucking up to the retards in the electorate that can’t grasp basic economics, and all in the name of getting re-elected. A lot of stupid sheep out there.

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    • Oh Inn 14/01/12 #

      Dave,
      I suggest you research the purpose and detail of the proposed tobin tax.
      It will have no effect on legitimate peoples financial dealings.
      It is targeted at destructive financial speculators.
      the campaign for this tax was one of the components of the anti globalisation movement a decade ago. Maybe if it had been brought in globally back then we wouldn’t be in quite as big a mess now.

      Reply
  • Populist platitudes.

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  • Tax the banks?

    And guess who will end up paying that? US, again!

    Reply

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