Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank Deputy Lawless for raising this issue. On 6 April this year I published the terms of reference for a review of Ireland’s funds sector. The objective of the review is to ensure that Ireland’s funds sector framework is up to date and fit for purpose in the years ahead, that we can maintain our globally competitive position by supporting long-term growth and a sustainable and resilient market and that the sector continues to support national and regional economic growth, as well as job creation. In addition to the funds sector, the review will also examine three specific areas of taxation which were highlighted in the recommendations of the Commission on Taxation and Welfare. These issues are the taxation regime for funds; life assurance policies and other related investment products; the real estate investment trusts, REITs; the Irish real estate funds, IREFs regimes and their role in the property sector; and the use and scope of the section 110 regime as well. A team has been established within my Department to conduct a review of the funds sector. As Deputies will be aware, a public consultation was launched during the summer and closed on 15 September. I am very pleased with the volume of submissions received in response to the consultation. There were more than 190 responses. I thank all those who made the effort to contribute. The responses came from a wide array of stakeholders, highlighting the significant interest in the review from both industry and from individual retail investors. In tandem with the public consultation, the review team has been engaging extensively with the funds sector and other relevant public sector and private sector stakeholders. The team is currently analysing the responses to the consultation and this work will inform further targeted engagement with stakeholders over the coming months. The review team will report to me in summer 2024 and I look forward to considering its findings at that point. It would not be appropriate to speculate on the outcome of the review in advance of its completion. However, I can come back to the Deputy further in a moment, when he responds.

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