Thanks for mentioning Ann Cahill’s article Aidan.

“The Government was criticised by MEP Nessa Childers, who under Freedom of Information found the Government’s only report on the issue was prepared by the hedge fund lobbying body, AIMA. ”

Only in Ireland…..

The Mayor of London does not set fiscal policy, The Chancellor of the Exchequor does.

Boris does have a large amount of sway within the Conservative party, and as such can influence policy.

Incentivise high earners to relocate to London where they can create new financial fairy-tale instruments to blow more numerological bubbles like the sub-prime bundled muck and have another feeeding frenzy on coke and champers….

Stick a fork in their collective arse and turn ‘em over.
They’re done.

Damien, shouldn’t you be off somewhere worrying about oxygen dihydrate in your water?

to be honest it wouldn’t take a genius to figure out what he said, tis fairly obvious

Genius or not, he is still right. That’s my point.

He is right??
He is ultra Right.
Those jobs are the white-collar laundry services that created the sub-prime bundled bad debts that just blew the hole in the productive economic hull, globally.
Cop on and wake up. Whenever any progressive legislation is proposed to put a halter on these abuses they roll out ‘jobs’ as the sacred cow. The only jobs they worry about are their own.

@chris – I have an intense dislike for this gov but noonan is right not to implement this until London does first, it’s easy to sit back and say it would have little or no impact on jobs when, really, you don’t have to make that call, and all this in an economy where it would be kind to describe it as on life support with most of the decrease in thd live register owed to exporting people. Noonan, for once it seems, is correct not to implement this yet.

I would have thought that this countrys lower corporation tax would have offset this new transaction tax. Me thinks Noonan is creating this propaganda so as to protect his powerful masters.

How can the tax have little effect on Irish jobs and simultaneously reduce volatility?

Noonan was 100% on the money not to introduce this until London does.

One of the causes of increased volatility in the markets in recent years has been the introduction of high frequency trading by hedge funds and traders at investment banks, remember the flash crash of May 2010. This type of trading has no place in the financial markets, yes there should be liquidity, but this is overkill. Any jobs lost in Ireland would mostly come from companies using this type of strategy, so the impact would be minimal if any. This is just the government putting big business interests before the people!

I don’t disagree with the theory behind introducing the tax David, it just has to be done on a fully multilateral basis for the theory to have any impact.

You’re right Bob, we need global financial reform and regulation, with heavy penalties for white-collar scams like the sub-prime bundled-slurry bubble.
Given the damage these mafiosi did I’d throw away the key. Deterence has its place.

And you do not think that joining France, Germany etc in imposing the tax would be a step towards a universal tax across the EU?
High frequency trading serves no purpose.

agree Jim , although they EU made some specific adjustments to how the tax will be implemented to try avoid the risk of relocation- they are looking at charging a transaction on trades if the share originates in the EU….the transaction tax has to be paid on the european company transaction regardless of where you locate the dealer—the theory being the euro business being traded is unlikely to move away from the euro market even if the traders want to…but Im not convinced that the risk posed especially by London not signing up has really been fully addressed and I think Noonan is right to keep powder dry on this occasion and see how it pans out – there is little doubt that if this launches successfully and everyone does sign up its the first of a very obvious road to tax harmonisation for the entire EU and that really will be somewhat of a game changer for Ireland

@jason – just because it was not implemented yet does not mean noonan is against the tax in principal – I would like to see this tax come in eventually, the time is not right at the moment is all. Again, it’s easy for us to sit in our own jobs and be all ‘shoulda woulda’, but until you are sitting with a document in front of you that you have to sign that potentially puts more jobs at risk in an already fragile economy then you’re just a hurler on the ditch – I don’t mean that in a disparaging way.

Scarr The question is what is Noonan basing his decision on? The report drawn up by AIMA?

@kerry – im not sure what he based his decision on, and if I get a chance later I’ll read Ann Cahills article, all I can say for now is that if I were noonan, I would think long and hard before implementing any penalty that would increase Londons attractiveness over Dublin for financial institutions. I don’t like the decision, but I can see the logic.