Catherine Murphy (Kildare North, Social Democrats) | Oireachtas source

It is having an extreme impact in the way it was handled by way of the statutory instrument. We are aware there are a great number of investment funds. We are also aware of brass-plate companies in the financial services sector. Huge contracts are being allocated by the likes of the Dublin Region Homeless Executive, DRHE, and the Department of Children, Equality, Disability, Integration and Youth. I am certainly well aware of people whom I do not believe are the beneficial owners of the companies getting some of these contracts. This change is shutting down transparency. The way this situation has been dealt with by way of the statutory instrument is extreme, ham-fisted and is cutting down transparency. We cannot have accountability if we do not have transparency. If we cannot get the names of the beneficial owners and do not know who the beneficial owners of these companies are, and there are companies within companies within companies like a Russian doll, then people will misuse the system because they know they are being sheltered. This is essentially what has happened with this statutory instrument.

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