Dáil debates

Thursday, 5 October 2023

Finance (State Guarantees, International Financial Institution Funds and Miscellaneous Provisions) Bill 2023: Second Stage

 

1:30 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Cuirim fáilte roimh an Bhille seo agus muid ag déileáil leis ar an Dara Chéim. Seo an Bille Airgeadais (Ráthaíochtaí Stáit, Cistí de chuid Forais Idirnáisiúnta Airgeadais agus Forálacha Ilghnéitheacha), 2023. Mar atá a fhios againn, tá an reachtaíocht seo de dhíth mar gheall ar an slad atá á dhéanamh ar mhuintir na hÚcráine ag lámha na Rúisigh, agus an slad atá déanta ar na daoine, ar na pobail ansin agus ar an infreastruchtúr atá ansin sa taobh sin tíre. Tchíonn muid ar an teilifís an buile trom atá buailte ar an tír sin le tamall fada. Tchíonn muid go raibh ísliú de chuid eacnamaíochta na hÚcráine de 30% in 2022 agus léiríonn seo an slad atá déanta ar an phobal sin le tamall anuas ó lámha na Rúisigh. Deirtear go bhfuil suas le €143 billiún de damáiste déanta ar infreastruchtúr na tíre sin mar gheall ar an chogadh atá ag dul ar aghaidh. Tá seo ó thaobh foirgnimh, tithe, teaghlach, córais infreastruchtúir agus córais taistil de, ó bhóithre go dtí scoileanna. Lena chois sin, tá ospidéil agus a leithéid leagtha go talamh fosta.

Tá an reachtaíocht seo de dhíth lenár pháirt, ár sciar agus ár dtacaíocht a dhéanamh do mhuintir na hÚcráine tríd cuid de na hinfreastruchtúir atá ansin ag an Aontas Eorpach. Cuirim fáilte roimhe sin agus roimh an deis a bheidh againn amach anseo níos mó scrúdú a dhéanamh ar an reachtaíocht seo. Nuair a théann sé os comhair na coiste beimid in ann mionscrúdú a dhéanamh air seo.

As I mentioned, I welcome the opportunity to speak on this legislation. As the Minister of State outlined, this is an important Bill that contains 22 different sections, which she has gone through in some detail. The Bill is important and timely because it is required for us to fully participate in some of the institutional mechanisms available in Europe to support the people, the economy and the infrastructure of Ukraine. The Bill seeks to enable the State to take part in donor and trust funds that have been established by the European Investment Bank and the European Bank for Reconstruction and Development, and for that purpose, to allow the State to enter into contribution agreements related to these funds as prescribed by the Minister. Critically, the legislation also amends the Criminal Justice Act 1984 by requiring those engaged in correspondent banking relationships to conduct enhanced due diligence when the correspondent is within the EU and not just outside the EU, as is currently the case.

As we heard, the Bill also seeks approval from the Oireachtas to enter into the guarantee and contribution agreements connected to European financial assistance to Ukraine. The Minister of State has outlined some of the requirements and potential guarantees that could be called in that. This is something we may tease out later on Committee Stage. This relates to the guarantee agreement provided for in article 10 of decision 2022/1628 made by the European Parliament in 2022 and by the European Council on 20 September 2022, and the contribution agreement provided for in article 7(1) of regulation 2022/2463, made by the European Parliament in 2022 and by the European Council on 14 December 2022.

As we discuss this legislation, let us be mindful of the fact that the State cannot participate fully in the EU’s macro financial assistance initiatives for Ukraine, both for this year and 2022, without the enactment of this legislation. It is on that area that I want to focus my attention because these initiatives have been agreed at European level to support Ukraine and its people and economy following the unjustified Russian invasion of Ukraine. We have seen the human toll of this crisis on our television screens and we have heard it on our radios. It has been tragic and immense. Lives have been lost, families and communities have been torn apart and infrastructure has been destroyed. Russia’s illegal invasion continues to have a devastating economic and social impact on Ukraine. We also hear this in the words of people who have made Ireland their home as they flee the terror of the Russian invasion.

In 2022, the economy in Ukraine contracted by 30%. This statistic masks the real and shocking impact this has had on the livelihood and living standards of the people of Ukraine and on the hopes and dreams of its children. The economic havoc the illegal invasion has exacted on Ukraine will have long-lasting consequences, impacting the aspirations of its children. Large swathes of the country’s infrastructure have been destroyed, public debt has soared and the fiscal deficit has spiralled. It has been estimated that the total amount of direct damage to the country’s infrastructure has exceeded €143 billion. Buildings, family homes, transport and road infrastructure and education and health facilities have all been destroyed at the hands of the Russian aggressor. It is not just in our economic interests, but it is a moral imperative, to support Ukraine and its people, both to weather this storm and to recover from its devastating effects.

For that reason, Sinn Féin will support the legislation and the provisions of same that allow this State to participate fully in the EU's macro financial assistance initiatives for Ukraine and enter into agreements on the guarantees that are sought. We will tease out the 22 sections when we get an opportunity to deal with this on Committee Stage and the party will try to facilitate that as quickly as possible and have detailed scrutiny of what exactly Ireland is potentially on the hook for. I say that in the context of my earlier remarks of the devastation that has been caused. Our support is needed, not just financially but morally, and the legislation is another example of how Ireland is standing with the people of Ukraine and trying to support Ukraine and its future efforts to hopefully rebuild their nation.

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