Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

I move amendment No. 5:

In page 11, to delete lines 8 to 11 and substitute the following: "(b) the cumulative value of the transaction and each transaction between the parties to the transaction, or persons connected with third country undertakings that are parties to the transaction, in the period of 12 months before the date of the transaction is equal to or greater than—

(i) where no amount stands prescribed under subsection (2), €2,000,000, or

(ii) the amount that stands prescribed under subsection (2);

(c) the same undertaking does not, directly or indirectly, control all the parties to the transaction;".

This amendment arises from a discussion on Committee Stage and builds on a proposal from Deputies Ó Cathasaigh and Duffy which I was happy to accept. On further reflection, and in consultation with both Deputies and the Office of the Parliamentary Counsel, it was decided that the language needed to be refined to ensure it achieves the policy objective. The intention of the amendment is to ensure the threshold of €2 million applies to the cumulative value of transactions in a 12-month period. Transactions below €2 million are notifiable to the Minister if parties to the transaction have within 12 months of the transaction been party to other related transactions which, taken together, amount to at least €2 million. The amendment seeks to achieve this objective and I am happy that it does. It reduces the scope for parties to try to circumvent the screening mechanism by subdividing transactions. It also ensures that the mandatory notification only applies to those deals of most interest to the Minister, that is deals where real changes in control occur rather than internal restructuring where ultimate control does not change hands. I thank Deputies Ó Cathasaigh and Duffy for their assistance in drafting the amendment.

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