L’Irlanda è pronta ad andare avanti con la proposta SIU dell’UE – Martin

>Taoiseach Martin has said Ireland is ready to move ahead with the EU’s proposed Savings and Investments Union (SIU) despite the Government’s concerns over how a single EU supervisor might impact Ireland’s financial services sector.

>He was speaking on arrival at an informal EU summit in Limburg, Belgium, devoted to boosting Europe’s economy and competitiveness.

>Leaders are expected to push for a completion of the SIU, which aims to forge a greater investing culture at EU level through more accessible retail investment products that would be available across 27 member states.

>Diplomats say some €11 trillion are kept in bank or savings accounts by EU savers, rather than invested in European companies.

>The lack of venture and risk capital has long been seen as an impediment to the EU scaling up tech champions and competing with the US and China.”Our position on the Savings and Investment Union is more positive now. Obviously, there are issues around the harmonisation of supervision, and from our perspective, we support a more harmonized approach. But that said, we’re largely in favour of securitisation,” Mr Martin said.

>”We’ve put our hands up and said we’re willing to progress this issue, because the broader issue of European competitiveness is at stake here,” he added.

>The Taoiseach said the SIU held promise for Irish SMEs in terms of accessing venture capital.”The whole area of availability of capital for entrepreneurs and for SMEs in Europe is a very serious issue. Many of our own SMEs pivot in terms of US venture capital. We have some of our own venture capital through Enterprise Ireland funds. But, in the overall scale of things, that’s limited enough,” he stated.

>The Taoiseach said there were concerns around a central supervisor within the framework of the SIU. “We would have concerns about one single authority in terms of the impact on the respective financial services [sectors] in member state countries, including our own, because we are a big player”. “That’s something we would be watching out for. But we believe, in the context of the [European] Commission’s proposals, that there’s a landing zone there to scale up,” he added.

Maybe don’t have a 33% tax on capital gains and interest and require deemed disposal every 8 years on personal savings and investments that are below a reasonable threshold.

Literally the only viable investment in this country is in property and that alone has cause huge problems with our housing market.

Concerns over the single EU supervisor. Is that not the whole point of the thing Martin ye jackass!

Will we also be part of the eu payment alliance to help decouple from the visa/mastercard? Would be nice to not be so reliant on american companies given the current state of the world

Watch the government fight tooth and nail to stop this. I cannot understand their stance on anything that grows wealth. Is it that they want banks to make massive profits from our uninvested cash? A few backhanders from bankers? It’s mind boggling