Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I thank the Chair and the members for the opportunity to contribute to their consideration of the Bill.

I have had an active interest in this Bill for some time stretching back to the previous Dáil. I recall when the Bill was first mooted. There was an expectation and a shared ambition across all parties to carry through all necessary reforms to ensure Ireland can have a robust economic regulatory framework. The legislation before us was first proposed in the Measures to Enhance Ireland’s Corporate, Economic and Regulatory Framework plan, which was published in 2017. This legislation is an important part of that plan. The establishment of the corporate enforcement authority was reaffirmed late last year by the report of the Hamilton review group.

I am eager that in 2021 the new authority be established and the Government publish the Bill as soon as possible. Before doing so, it will be important for us to hear the views of this committee when it reports. I am very much looking forward to this. The Tánaiste has set out the main provisions of the Bill. I do not intend to repeat them. I emphasise that the establishment of an independent agency is a key milestone in our reforms.

The Government is making sure the authority will have the wherewithal to carry out its mission. The ODCE's funding has already been increased by €1 million or 20% from its base level to reflect the costs of its transition to a stand-alone agency. Last week, the Department approved the sanction of 14 additional civil servant posts, representing a 35% increase in civil servants. This will complement the restructuring already undertaken by the director to improve the expertise at his disposal. Consideration has also been given to the possible requirement for additional gardaí. Good progress has also been made on other organisational matters such as ICT and accommodation. We are at a point where the organisation is ready for its establishment as an independent body.

As Minister of State with responsibility for company regulation, I see the establishment of the corporate enforcement authority as a solid basis for future reform. Company law should always be responsive to new developments. Various suggestions have been made for additional powers, which will be examined by my officials. I note the director identified possible avenues in this respect in a submission to this committee, but he also pointed out that the focus should be on finalising this legislation.

The Government will be continuing to work on new measures to tackle economic crime and corruption. An action plan arising from the report of the Hamilton review group is being developed, and it is being led by the Minister for Justice. My Department will be engaged in that work. New powers and other enactments pertaining to the new authority are matters that will continue to be actively considered. I look forward to hearing the members' views and taking any questions that arise on the general scheme.