Dáil debates

Thursday, 12 November 2009

National Asset Management Agency Bill 2009: From the Seanad

 

12:00 pm

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)

There is no conspiracy in my Department. These amendments have been checked by the Attorney General and are viewed as drafting amendments. I said that in good faith in the House.

I will go through the points raised by Deputy Burton, amendment by amendment. First, amendment No. 2 would insert the words "or applicable law" after the word "enactment" in section 4. That simply clarifies that an enactment includes an applicable law because, as we know, an enactment can have subordinate legislation.

Second, amendment No. 7 to section 62 would insert the words "in accordance with any applicable law" after the word "consents". If the applicant requires a consent to any particular step it must be obtained in accordance with the applicable law to that transaction. Under the system of international law and the comity of nations, respect is given by one State to the laws of another. The amendment merely recognises that when consent is required under the law of another State it is obtained in accordance with the applicable law. That seems to me to clarify an issue rather than introduce a matter of materiality.

Third, Deputy Burton's main point refers to amendment No. 8, which would insert the words "subject to any prohibition in any applicable law" in section 63. That amendment clarifies that where subsidiaries are bound by a foreign law which would prevent them from complying with an obligation under this legislation, they are not required to act illegally in order to comply with the obligation. That is a matter of sense. We cannot enact legislation which compels others in other jurisdictions to act illegally in those jurisdictions. It would be an extraordinary step for the Oireachtas to do that. It was never the intention to seek to impose obligations on subsidiaries in foreign jurisdictions which would cause them to break local laws. That must be clarified explicitly in the legislation.

That is the purpose of these amendments, nothing more. We live in a world of different legal systems and countries respect each other. Within the European Union it is the practice to respect other legal systems, although we can debate their merits and demerits. That is the effect of this matter and it is important that it is understood and placed on the record of the House.

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