Louise O'Reilly (Dublin Fingal, Sinn Fein) | Oireachtas source

I welcome the opportunity to speak on this important and broad legislation. Most of my points about the Bill will be technical in nature and I will have some additional commentary about the state of Brexit negotiations.

With regard to the sections of the Bill that pertain to the Department of Enterprise, Trade and Employment and the issue of workers' rights, I will focus on the changes to securities trading. I want to ask about the amendments concerning the issuance of certificates and the sections allowing for the disapplying of sections of the Companies Act and the insertion of a new section in the Act. Regarding the issuance of certificates, will there be an external and public record of securities transferred under this legislation beyond the record held by Euroclear UK & Ireland, where the securities are migrating from, and Euroclear Bank in Belgium, where the securities are migrating to be deposited? If so, will the Minister let me know where those records will be held and if they will be publicly available?

Part 4 relates, in part, to section 1087E, 1087F and 1087G. Will the Minister clarify a few points I raised during the Joint Committee on Enterprise, Trade and Employment discussion on the Bill? With all that has been going on, the replies from the Department have been delayed, which is completely understandable. I understand that these sections allow securities to be transferred to the Euroclear Bank in Belgium and the sections in question are to ensure that the transfer of securities operates as quickly and smoothly as possible. Section 1087E and 1087F make substantial changes to the primary legislation mentioned. As referenced in the explanatory note of the general scheme for these sections, similar changes were made to British law in 2001 and 1996. Perhaps there is existing evidence that there would be no unintended consequences following these changes. Has the Department looked into this since I raised the matter with its representatives some weeks back? Have they considered monitoring the operation of these sections on a short-term basis to ensure that the changes will have the desired and proposed impact? Can I get confirmation that the changes regarding the migration of Irish securities from their current central security depository, Euroclear UK & Ireland, to the Euroclear Bank after Brexit will not delay the settlement or transaction date on which securities are traded and that all trades will still be cleared in real time, ensuring that the buyer of a security is not waiting for days to retain ownership of a share?

Will the Minister also confirm that there are no new financial risks with the new arrangement regarding these securities and that the changes will not disrupt trading of certain types of securities being traded between Ireland, the EU and Britain?

I turn to Part 5, in particular the section on restrictions on the granting of employment permits. Given the volatile nature of the British withdrawal from the Union, a description that I think no one will dispute, has the Minister any concerns that previously agreed aspects of the withdrawal agreement, including the equitable arrangement whereby Irish workers in Britain will not have to obtain a work permit, could be reneged on by the British Government? If so, what is the view of the Minister and that of his Department?

Have any contingency plans been made for such an event?

What has the Department done and what is the Minister doing with regard to the difficulties that will arise for EU nationals crossing the Border from the South to the North for work and also regarding the frontier workers legislation that is being brought forward in Westminster?

As always on legislation of such importance, we remain willing to work with the Minister and the many other Ministers whose portfolios this Bill touches upon. We have, give or take, 50 days to go before the real Brexit changes start. It is, therefore, important that this legislation is expedited through the House. We also need to ensure that we get it right and in that regard I greatly welcome the Minister's words on co-operation. This is an issue on which we are capable of working cross-party and it is of great importance on all sides of the House. My hope is that co-operation will continue.

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