Charles Flanagan (Laois-Offaly, Fine Gael) | Oireachtas source

The Secretary General of my Department, Mr. Burgess, visited Havana for talks last month and, as noted, signed a memorandum on the establishment of a mechanism for political consultations. This will provide a useful structure for official level dialogue on international issues in the future.

I warmly welcome the historic decision by President Obama and by President Castro on the restoration of bilateral diplomatic relations and subsequent developments. Ireland’s concerns regarding the embargo are long standing and clear and were set out most recently on 28 October last year in our support for the relevant resolution at the UN General Assembly. We are firmly of the view that the lifting of the embargo would facilitate an opening of Cuba’s economy to the benefit of its people. We have stated our strong opposition to the extraterritorial application of the legislation giving effect to the embargo.

The banking difficulties referred to in the Deputy’s question were addressed by my colleague, the Minister for Finance, Deputy Noonan, in reply to a question on 14 November last year and by me in a reply on 26 November. My officials raised the difficulties that have emerged, in so far as the extraterritorial application of US legislation is relevant, with the US side. In response, the US has noted the concerns of banks everywhere to reduce risk in the face of heightened financial regulation and oversight. The US states that the US Government does not direct financial institutions to maintain particular financial relationships and recommends contact by relevant parties with the US Department of the Treasury’s office of foreign asset control for information regarding Cuba related transactions.

The historic developments of recent months have seen immense progress in US-Cuba relations. We look forward to the ending of the embargo with the removal of all remaining inhibitions to trade and contact with Cuba. I acknowledge Deputy O'Sullivan's interest in this matter and I hope that we can report progress over the course of this year. I also acknowledge the interest of the Acting Chairman in these important issues.

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