Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

Yes. Again, the case would have to be upheld. It would have to be true that the Government or a Government agency discriminated against and treated a Canadian company unfairly. It is already the case in the national courts that such a case could be taken and there could be damages, and I believe punitive damages as well as compensation. The answer to the Deputy's question is "Yes" but I will read a note into the record from my officials that might answer the question better than I did:

CETA introduces a precise and specific standard of fair and equitable treatment of investors and investment. An investor may only have recourse to the ICS in very specific limited grounds such as in the case of a denial of justice, a fundamental breach of due process or targeted discrimination, for example, on the grounds of race, religious belief or gender. None of these measures give the Government any concern that we would be subject to ICS proceedings. Investors must prove that they have been discriminated against or treated unfairly as described. They must also prove that they have suffered economic harm or loss. CETA reaffirms the EU and Canada right to regulate to achieve legitimate policy objectives and it is made clear that the agreement does not imply an expectation that public bodies will remain unchanged. An investor cannot be given compensation solely because he or she has lost profits or suffered economic loss or costs and there is no provision for the awarding of punitive damages. [I am happy to clarify that.] As such, regulation for the protection of public health, the environment, or consumer protection, for example, measures relating to plain packaging on cigarettes and minimum alcohol pricing, can continue to be introduced and it is also noted in the CETA that governments can change their laws including in a way that affects investors' expectations of profits. That would not be a breach of investor protection standards.