Trócaire calls for tax on financial institutions to tackle poverty

Trócaire has called for the introduction of a tax on financial institutions to help eradicate global poverty.

Head of Trocaire Justin Kilcullen says the levy could be applied to big banks that move large amounts of currency around money markets.

He says even a small tax of just 0.05 per cent would generate more than $400bn each year, three times the current total aid levels under the UN's Millenium Development Goals.

Mr Kilcullen said that because the banks were bailed out using taxpayers money, it was now time for the banks to help lift millions of people out of poverty.

The call comes ahead of a major UN summit of world leaders in New York next week.