Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

On putting diesel in a tractor, the argument will be made that the definition will restrict investment by the ISIF. The fund already invests. We are familiar with its portfolio which is in the billions of euro and how it invests on a large scale. Through the Strategic Banking Corporation of Ireland, it is one of three contributors, with KfW Bankengruppe and the European Investment Bank, EIB, which makes small loans available to small and medium-sized enterprises, SMEs. The point raised by the Minister is that this would prevent, for example, a local business in west Cork which distributes coal from actually drawing down a bank loan from Bank of Ireland or AIB because it had originated through the Strategic Banking Corporation of Ireland, which receives 30% of its funds from the ISIF. Accordingly, the definition in the Bill will restrict indirect investment in a fossil fuel company. I am not making this argument for the sake of it as I support the legislation. However, we are engaged in pre-legislative scrutiny and have to produce a report on it. We need to hear whether this is intended to be captured in the legislation, if it will be dealt with on Committee Stage, or, given the severity of what we are facing into, we have to actually make these tough choices.