Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

Protecting jobs and supporting business is fundamental to our economy and society. The Tánaiste and Minister for Business, Enterprise and Innovation has spoken about the challenges facing our businesses and the unprecedented levels of financial supports which the Government has made available. We also have to ensure that the right conditions exist for our businesses to flourish.

As Minister of State with responsibility for trade promotion, digital and company regulation, my focus is on protecting jobs and supporting businesses by ensuring company law supports jobs and business, ensuring the responsible behaviour of companies through effective enforcement, ensuring a competitive and fair marketplace and helping to drive insurance reform, increasing consumer protection, especially online, and driving the digital agenda and creating opportunities for our businesses through trade promotion and digital opportunities.

Company regulation puts the legal framework in place for doing business in Ireland. It enables entrepreneurs to take risks, enterprises to grow and jobs to be created. Our regulatory regime is intended to ensure that business is conducted with probity and integrity but without undue administrative burdens, and the rights of investors, consumers, employees and creditors are protected, transparent and enforced.

Already, I have steered legislation through the Houses to assist in the running and survival of companies during Covid-19. The Companies (Miscellaneous Provisions) (Covid-19) Act makes necessary temporary amendments to the Companies Act 2014 and related legislation. This work is part of a sustained Government plan to ensure that company law is fit for purpose and protects not only companies but also the workers for which hundreds of thousands of Irish and Irish-based companies provide employment.

I will continue to review the Companies Acts and make necessary changes to simplify and improve receivership, examinership and liquidation laws in response to the Covid-19 crisis. The programme for Government has important commitments in this regard. Small businesses, the backbone of the Irish economy, are at a distinct disadvantage in availing of supports afforded by examinerships for the rescue and return to health of ailing but potentially viable companies. The current process of examinerships are beyond the means of many SMEs which are thus deprived of the opportunity to restructure and remain viable, and instead face closure.

With responsibility for company regulation, I will advocate for better processes for businesses in Ireland and work with colleagues and stakeholders to bring effective change. At the Tánaiste's request, the company law review group, CLRG, will report in October on its review of a rescue process for small companies. It is also undertaking an expedited review of commitments on insolvency, assets and redundancies.

A programme for Government commitment and a legislative priority this autumn is to progress the legislation to establish a new corporate enforcement authority. By establishing the office of the director of corporate enforcement as a stand alone agency, the new body will be better equipped to investigate increasingly complex breaches of company law. I look forward to working with Deputies shortly to deliver on this, which is a priority shared by many in this House.

Competition policy is about ensuring a competitive and fair marketplace. I will ensure the transposition of the European directive commonly known as the European Competition Network, ECN+. The directive empowers the competition authority of member states to be more effective enforcers and to ensure the proper functioning of the internal market. The Competition and Consumer Protection Commission, CCPC, Comreg, the Director of Public Prosecutions and the Irish courts are national competition authorities for the purposes of EU competition law. Officials in my Department are working towards the transposition of this important directive and, subject to Government approval, additional competition enforcement powers will be included in the legislation which I hope to bring before the House in the coming months.

We have a competitive insurance sector. The cost and availability of insurance is a major issue for consumers, business and community groups across the country. Insurance is one of my top priorities as Minister of State with responsibility for the Personal Injury Assessment Board, PIAB. As one of the first bodies I met on taking office, I am committed to seeing through substantial change in personal injury processes. I requested a report from PIAB on how its role could be enhanced and reformed to improve the functioning of the insurance market in Ireland. I have received this report and met with officials to discuss its suggested measures. I look forward to progressing and engaging with stakeholders to bring about effective change to the current unsustainable solution. The high cost of insurance is a top priority to me as Minster of State and to the Government. Its impact on business has consequences for the economy and jobs and we will address it.

Other matters are important to consumers especially when many are buying online. Work is underway on a major consumer rights Bill that will set out rights and remedies in contracts for sales of goods, the supply of digital content and services and the supply of non-digital services. The Bill will also provide for stronger consumer protection in online contracts and against unfair terms in consumer contracts. The scheme of the Bill should be finalised for pre-legislative scrutiny before the end of the year.

The Tánaiste and l, subject to Government approval, also intend to introduce legislation shortly to prohibit the resale of event tickets above their original sale price. I am particularly mindful that a resumption of sporting and entertainment events with very restricted attendances will create obvious potential for the resale of scarce tickets at inflated prices. I want to ensure that there is fair access to tickets for events both during and after Covid-19.

Covid-19 and its impact are not the only challenges ahead. Concerns grow regarding Brexit and we must not lose any focus in our preparations. As part of the Government's work to ensure business is Brexit ready, we are working to facilitate the operation of an EU regulated security settlement system in respect of the Irish market as the current UK CREST system will no longer be authorised under EU law. This will be achieved through the upcoming withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2020 to be introduced by the Minister for Foreign Affairs and Trade. The Bill will address all the foreseen legislative needs which arise at the end of the transition period regardless of the outcome of the EU-UK future partnership negotiations.

Brexit repeatedly reminds us of the importance of trade. As a small open economy, trade and its promotion are key. lreland relies on external demand and international markets for sustainable and continued growth. International trade has been central to our progress in the past half century and will continue to be central to our progress in the years ahead, though there will be challenges. Given this priority, diversifying our markets is a necessity.

The OECD SME and entrepreneur policy review found only 6.3% SMEs were trading internationally. Our ambition is to increase that to 9.6% by 2024 and while the Covid-19 crisis has adversely affected our ability to travel overseas on trade missions this year, I am determined to bring forward policies to support this aim.

On Covid-19 measures that impact business, I will continue to advocate for and address the concerns of business owners and SMEs whose ability to trade has been curtailed by the pandemic. Matters that need to be examined include travel restrictions for essential workers, Enterprise Ireland companies and extending moratoriums for performing loans.

In recent weeks I have advocated the adoption of an integrated travel policy. I welcome the announcement earlier in the week that that will be the way forward. It will bring certainty to those in trade, tourism and other impacted sectors.

As the Covid-19 crisis evolves we must consider the impact of extended closure on given sectors. Moratoriums for normally performing loans should be extended. We must show flexibility and take account of the extraordinary pressures placed on businesses in sectors adversely affected. We must engage with the ECB on these matters, determine the levels of flexibility that can be afforded and develop national guidelines.

Promotion of our companies abroad continues through the work of our State agencies and in particular their offices located on the ground internationally. I will work closely with the enterprise agencies and key stakeholders to ensure that we can continue to highlight the benefits which existing EU free trade agreements provide for Irish exporters. In the next three weeks, I will undertake a programme of engagement across the country, looking at all aspects of Ireland’s exporting ecosystem and meeting with Irish companies at all stages of their exporting journey.

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One of the areas affording some of the greatest opportunities for Ireland in the road ahead is in the digital space. We have benefited from the presence of large technology firms that have based themselves in Ireland, but it is also important to ensure that we do not become complacent. The Covid-19 crisis has further highlighted the reliance that individuals and businesses alike have on digital platforms for personal and business matters. We need a whole-of-Government approach to bring forward a national digital strategy that is actionable, responsive and agile with regard to the pace of change in this space. I will work with colleagues to ensure continued stakeholder engagement in this process.

The new EU platform to business regulation on online platforms has just come into force and I look forward to building on this through the future digital policy initiatives planned at EU level. These include the development of a digital services act package and work on artificial intelligence policy. I will bring forward Ireland's first strategy on artificial intelligence. It will provide high level direction to the design, development and adoption of artificial intelligence in Ireland. The work at EU and national levels are major opportunities for enhanced productivity and innovation in our enterprise base and we must remain an attractive place for digital businesses to grow and prosper. I look forward to working with my team in the Department under the stewardship of the Tánaiste, to listen to businesses and employees and to put the right policies and legislation in place to protect jobs and support businesses. These are just some steps that I am taking to ensure that businesses and workers are not only protected in these challenging times, but also enabled and supported in their ambitions.

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