David Cullinane (Waterford, Sinn Fein) | Oireachtas source

Deputy Pearse Doherty, who is at the National Ploughing Championships, sends his apologies. He asked me if I would contribute on this Bill and said it was a great opportunity as I might make the 9 o'clock news. I walked in and unfortunately Deputy Michael McGrath was on his own, so I think I have been sold a pig in a poke. As I am sure the Minister of State will agree, this is a highly technical Bill which is pitched towards one industry with its own needs and interests. I am sure he would also agree that for the vast majority of people, certainly those who I represent and, I would argue, those who the Minister of State represents, it is not the most pressing issue.

The people we represent would benefit more from the fast-tracking of many of the Opposition Bills on a wide range of issues, including my party's Consumer Insurance Contracts Bill 2017, than from legislation that will only delight private equity asset managers. There are an awful lot of Bills that are being held up through money messages and there are Opposition Bills dealing with a lot of the pressing issues that are bearing down on many families but the Government finds the time to bring forward this technical legislation which is aimed at a tiny number of people who live here.

The Irish investment limited partnership product was established under the 1994 Act. It was thought then that the ILP would become a popular investment vehicle for real estate investments and private equity. We know that the Bill before us is intended to update the existing ILP regime and make Ireland an attractive place for international investors. The ILP is a partnership whose primary business is investment in property of all kinds. It consists of one general partner who assumes unlimited liability and limited partners who assume assets and liabilities in proportion only to the capital they each contribute. The partnership does not have an independent legal status like a normal company but the profits are owned by the partners with each able to use tax reliefs available to that partnership. Unlike the general partner, the limited partner cannot take part in the management of the firm without taking on full liability for the partnership's debt and liabilities. The ILP is established as an alternative investment fund, AIF, and is regulated by the Central Bank.

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