Labour rejects FF claims on transaction tax

Labour has dismissed Fianna Fáil concerns that Ireland's financial services sector could be disadvantaged by Britain's decision to opt out of EU treaty changes.

The government party said Fianna Fáil's claim that a proposed new transactions tax would penalise the IFSC is an "opportunistic" move on behalf of "crony bankers".

Labour TD and member of the Oireachtas Finance Committee Michael McNamara said heis confident the Government will negotiate the planned tax carefully.

But he said it is only fair that the financial sector pays its fair share for the crisis which it helped to create.

“The latest Fianna Fáil fad is to follow David Cameron’s eurosceptic agenda,” he said.

“Of course, we realise that a transaction tax, like other fiscal harmonisation measures has to be carefully considered.

"However, there can be no blanket exemptions, least of all for those who contributed most to the mess we’re in.”