Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I welcome the changes proposed in section 21 and the amendments put forward by the Minister of State. Section 110 has been in existence, in some form or another, since 1991 and can be traced back to the establishment of the IFSC. It has been rewritten several times since and has grown significantly in terms of application, with more than 3,000 companies with total assets of some €700 billion notified to Revenue up to a number of months ago as having the intention of using the section 110 structure. The vast bulk of that relates to securitisation in the financial services industry. Will the Minister of State say whether there will be any unintended spillover effect as regards the regulated funds industry in the area of securitisation?