Kieran O'Donnell (Limerick East, Fine Gael)

Going back to the point on the private sector, the Minister is setting up the SPV to get it off the balance sheet. For it to be off the balance sheet, it must satisfy a number of requirements, namely that it is a separate legal entity with autonomy of decision in day to day operations, be able to incur its liabilities on its behalf and have complete accounting information. In a normal case in the private sector, anyone investing in an SPV will sit down, and even if they hold only 49% of the shares, with someone else holding 51%, he or she will still look at the suitability of investors. I expect anyone who would invest 49% would question who sits on the board. For finance, planning, accounting and reporting, there is no way someone would invest €49 million without questioning how the investment will perform, will be reported or the manner in which the SPV should discharge its functions under the Act.

Effectively any SPV is set up for a particular purpose: it must carry out its functions. The method and determination of the appropriateness of paying a dividend or bonus to investors are standard in terms of the way the dividend will be paid and the measures that will be used in terms of profit. Has the Minister or the Attorney General, while looking at the review, asked EUROSTAT its view of the amendment? We are looking at a structure to protect the 49% interest. I see nothing inconsistent in the amendment. If it operates in the private sector, it should be done in the same way in the public sector.

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