Patrick O'Donovan (Limerick County, Fine Gael) | Oireachtas source

On behalf of the Minister, Deputy Donohoe, I thank both Deputies for their contributions. Deputy Cullinane is right: this is a very technical Bill. One could appreciate that from the introduction given to it.

To respond to Deputy Brassil's comments - and much of this can probably be dealt with in more detail on Committee Stage by the Minister - the Brexit Act the Dáil passed dealt with the eventuality of a hard Brexit. There was a specific provision in the Act that the CSD could continue in the UK under that legislation. However, this legislation deals with much longer-term provisions that are needed now that we know that the United Kingdom will no longer be a member of the European Union. Furthermore, it is important to point out that the legislation has been drafted as quickly as possible, given the request industry made.

To respond to Deputy Cullinane's point about CSDs, this is a commercial entity, not a Government-established entity, so it would not really be up to us to establish it. I was not interrupting Deputy Cullinane when he was speaking; I was just checking this with my officials. No provider came forward with a view to looking at the Irish market.

This can be discussed further on Committee Stage when the Minister for Finance, Deputy Donohoe, will be able to provide a greater level of detail but I presume the issue is scalability. Ireland is small and historically we have hitched our wagon to the UK. Again, this is a market-led solution. Providers are also subject to European legislation that enables them to operate within the European Union and to provide services via the Union in what could be described as a passport-type situation.

The deadline is tight. This must be completed by March 2021 in accordance with the European Commission's contingency planning. That timeframe is challenging and the co-operation of Members of this and the other House will be very welcome in that context. I believe I have answered the questions posed by Deputies Brassil and Cullinane. If they have further questions or require a greater level of detail, I am sure the Minister for Finance will oblige on Committee Stage.

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