Support for transaction tax slow in mobilising

France and Germany are struggling to find nine countries to move ahead with a financial transaction tax while Ireland is among those continuing to decline to join in.

Finance Minister Michael Noonan distanced himself from the controversy surrounding the IFSC Clearing House Group. It is accused of over-influencing government policy on the tax, which could raise at least €500m a year.

Britain, in particular, was against the idea but Germany and France decided to push ahead in a move known as “enhanced co-operation”, for which a total of nine countries are needed.