Taoiseach reversed move to tax CFDs while minister

TAOISEACH Brian Cowen played a key role in preserving the legislation that ultimately allowed the Quinn Group to build up a e1.1 billion destabilising stake in Anglo Irish Bank, it has emerged.

Last night Mr Cowen confirmed he was lobbied by various groups in the financial services sector two years ago regarding the preservation of tax-free status for those trading in Contracts for Difference (CFDs).

The Taoiseach said he went ahead with the preservation to protect the Irish Stock Exchange.