Dr. Jim Stewart:

That is true, but we must remember the size of the assets in question, the number of structures and the resources required to police and regulate them properly. It would take a large amount of resources and skill. Indeed, a great deal of skill is involved in examining this type of data. Given the cross-country nature of ownership, it would be much more efficient if that was done at group level. The EU is probably the most suitable way of doing it. Regulatory and enforcement powers must be backed by law. Regulation and enforcement cannot be done by an agency such as the IMF because it does not have the legal power to do so. The only way that this could be done in Ireland would be via an EU initiative, that is, a directive agreed by the Council. The EU has been moving towards that in its recent draft directives and in its moves to make it more difficult to operate shadow or brass plate companies that have no assets or liabilities. The idea that Ireland alone could handle this problem is not a runner, but Ireland should support and advocate for EU initiatives.

We must also remember that certain countries within the EU – Ireland, Luxembourg, the Netherlands, Malta and Cyprus – are key players in the ownership of Russian assets and facilitating cross-border movement. The way to ensure a resolution and the rule of law is at EU level.