Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I am glad to have the opportunity to contribute to this debate. I truly welcome the Minister of State's very detailed analysis of this legislation. Many of us have been waiting quite some time for it to come back before the House. It is a shame that it fell in the previous Oireachtas, but we have finally got here. There are a few points I wish to make and a few concerns I would like to raise which are very similar to those raised by my colleague, Deputy Nash.

I was very taken by the remarks of my dear friend opposite, which were somewhat dismissive of this Bill and the industry to which it pertains. I must say, I was exceptionally disappointed to see someone I really respect and with whom I work closely read out the script that was given to him. No Sinn Féin members of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach were prepared to come in, but Deputy Nash has taken potshots at an industry that employs 16,000 people and contributes just short of €1 billion to the Exchequer. The Deputy may dismiss this legislation, but the gains to the Exchequer and the employment it will create will allow for more affordable housing and more investment in public health. We should not blacken the people who work in the financial sector with the implication that we should not be discussing legislation like this. This legislation allows us to align ourselves with what are simply norms throughout the European Union. We are less than 50 days away from the end of the Brexit transition period. The economic impact of Brexit will put what we have experienced during this pandemic in the ha'penny place. In that context, it is the responsibility of this Government and every responsible party in this Parliament to ensure that legislation is provided so we can take every opportunity to protect an Irish economy that will be facing into global decline not of our making. We must insulate our economy and provide new opportunities and incentives for growing industries.

Let us not forget that the fund industry the Deputy dismisses is the largest employer in the Irish Financial Services Centre. What do we say to the people who have those roles, who are paying their mortgages and paying the taxes that pay for so much in our society? This is legislation that many Members have been awaiting for quite some time. We never got to examine it in the Upper House during the lifetime of the previous Oireachtas. It is deeply technical in nature. We will go through these technicalities with the Ministers in due course in meetings of the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach, but the technicalities which the Minister has listed in such detail are all quite straightforward. They will enable us to insulate our economy and our society against the threats that are facing us. The Bill will update our regulatory standards. Not only will it make our regulations more robust, it will also enhance the transparency to which Deputy Nash so rightly referred. The Bill does not include any tax provisions. It will not change anyone's income tax, but it will ensure that we get increased resources and opportunities.

Let us go through the numbers again. This can potentially create 1,400 jobs instantly, as well as a return to the Exchequer of €187 million. That should not be dismissed or put down the pecking order when it can be done in a very short debate here this evening. We will come back to it again next week and then address it in the Committee on Finance, Public Expenditure and Reform, and Taoiseach. In a matter of weeks we will have a very simple piece of legislation that will provide for a sector whose growth will benefit the rest of our society. I take umbrage with these comments, and I am very disappointed that they come from Deputy Nash of all people, as we are working very closely and warmly on the very many threats that concern the Joint Committee on European Union Affairs, which affect so many people who we consider to be so important.

Given the importance of the Bill and its financial implications, it is important to note that it has been extensively studied and examined as far back as 2015. We cannot wait any longer or kick it to the back of the legislative queue. We can move this forward, reap the opportunities and, crucially, implement the reforms. The Central Bank has examined this Bill alone and with Irish funds and many other bodies. Some five years of work have gone into this Bill, as have many protections and many years of oversight. Allowing its passage through this House in due course will ensure that the funds industry and the general financial services industry on which we will be so reliant in the coming years will have those opportunities.

I appreciate that we are coming towards a sanitation break. I conclude by thanking the Minister of State, commending the Bill and looking forward to examining it with the Minister of State at the Select Committee on Finance, Public Expenditure and Reform, and Taoiseach.

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