Robert Troy (Longford-Westmeath, Fianna Fail)

I will outline one EU-level capital markets initiative that officials in the Department of Finance are working on. That is the Listings Act. It is a package of measures agreed late last year and currently being transposed by the Department of Finance and the Department of enterprise. It supports improved access to market-based sources of financing for EU companies, particularly smaller firms such as those listed on SME growth markets. Key elements of the Listings Act include the introduction of simpler prospectus rules and requirements, more proportionate market abuse rules and provisions to allow companies use multiple-vote share structures, thereby allowing company founders to retain control while accessing funding on public markets.

The Listings Act also introduces measures to encourage and enhance the production and distribution of investment research on mid-sized companies and SMEs. This is essential if we are to encourage investment in such companies. The simplification and harmonisation of prospectus rules will make it easier and less expensive for growing indigenous businesses to list on the Irish Stock Exchange. I am pleased to inform the House that the Minister has decided to raise the prospectus exemption threshold to €12 million from the current €8 million. This will reduce the regulatory burden for smaller issuers and increase their access to capital in order to invest for long-term growth.

The Deputy is right that the value of money on retail deposit offers major potential. The savings and investments union, on which the Government is hugely engaged, will be a channel to do that.

We are also in the process of updating the Ireland for Finance strategy, in respect of which there is a commitment in the programme for Government. A public consultation process in that regard will open in the coming weeks, and I encourage submission to it. We hope to publish the strategy early in the new year.

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