Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

Let me give the Taoiseach an example. Cerberus has just filed its 2015 accounts for Project Eagle. By my reckoning, it made about £168 million in taxable profits and paid less than £1,600 in tax. That is a 0.001% tax rate. I acknowledge the very significant moves by the Government in the Finance Act on companies under section 110. What is interesting about the Project Eagle accounts is that Cerberus has moved about half of the assets out of section 110, because section 110 companies have to file publicly accessible accounts. The only reason vulture funds were shut down was because Deputies in this House, journalists and Senators were able to see them and raise this issue. They could not hide the amount of tax that was being avoided. However, about half of what came under section 110, hundreds of millions of pounds of assets, has been moved out of it. We have no idea where it has gone. If it has gone into a qualified investment fund, an ICAV or one of these, we will no longer be ale to see what is being done with it. That is the core of my question. The Taoiseach stated to Deputy O'Sullivan that we have nothing to hide in Ireland. I agree. Were I or another Member of this House to table a Bill stating that these funds, ICAVs and qualifying investor funds, QIFs, in particular, had to file publicly accessible accounts, would the Taoiseach look upon it on favourably?

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