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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Dr. Stewart has aircraft leasing firms’ employees numbered there at 32. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Is it that you have not been able to identify them?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Is the Limerick firm just a regular firm?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Dr. Stewart is not raising any questions about that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: The corporate service provider looks after the administrative functions of the various companies. Is that sector subject to regulation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Are the corporate service providers in breach of the regulations because they cannot name the company that is responsible or they do not know where the make-up of that company or trust ends? In terms of the information collected by the Central Bank, is that a standard form that is completed? Is it extensive? Although the Central Bank does not publish the form, because the form is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: The question for the Central Bank is on what it is doing with the data that it collects. Does it store them? Does it read them? Does it have a picture of what is going on? It may be a matter between the Central Bank and the Minister for Finance or, generally speaking, this committee could ask the Central Bank. In terms of the negative equity and large losses which Dr. Stewart spoke about...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Some 3,125 section 110 firms have assets of €1.3 trillion in 2021. Any layperson reading that would certainly wonder why these firms are not regulated extensively by the Central Bank. Am I wrong?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: The total figure for assets is €1,031 billion. What sorts of assets are held by these companies?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: That is fascinating. The first table refers to funds raised on Dublin Euronext between 2018 and 2021 in the billions of euro. Will Dr. Stewart talk us through that table and comment on the fact Russian Railways, RZD, raised a total of €10.1 billion in the years 2010 to 2021, inclusive? He stated that in addition, banks availing of section 110 raised finance for the Russian military....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Dr. Stewart gave a specific figure in respect of Russian Railways, of €10.1 billion, but he stated a number of banks raised money that went to the Russian military. Can he quantify that? Where did the money come from for that specific purpose? Was that from Russian investors as well?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: These firms, based in Ireland with zero employees and paying little or no tax, are providing funds for the Russian military and Russian Railways. It is difficult to believe all this has gone on. Would any of that information have shown up in the information being collected by the Central Bank, or is it so general that it does not get down to the granular nature of the answer to that query?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: In light of the current sanctions against Russia, should the Government step in and do something about companies that can clearly be identified as raising funds for either Russian Railways or the Russian military? Surely we have an obligation to stop this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Moving on to the use of holding companies, which Dr. Stewart discussed in his opening statement, a former US expert on organised crime in the former Soviet Union, who was also CIA chief of base in that country, gave evidence to the US House Committee on Financial Services that identified Ireland as a major location for wealth leaving Russia in the post-Soviet period. I presume the wealth...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Will Dr. Stewart elaborate on the use of more recent forms of corporate entity, for example, limited liability company, LLC, and their likely use by the criminal groups he refers to as second order actors?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: Dr. Stewart has provided notes relating to commentary earlier in his statement regarding structures in Ireland that became obvious in a court case involving intimidation and fraud. These are notes Nos. 2 to 4, inclusive. Will he comment on this matter generally?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: What I take from Dr. Stewart's opening statement and our discussion is that the Irish Government and regulators – the Government through legislating and the regulators through implementing legislation – have a great deal to do just to get a handle on some of this. It will be almost impossible to get the full picture. We need to take a far greater interest in what is happening...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: I am inclined to agree with Dr. Stewart.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Use of Section 110 by Russian Firms: Dr. Jim Stewart (1 Jun 2022)

John McGuinness: I thank Dr. Stewart for giving generously of his time and insight. This is an intriguing topic, and the more one goes into it, the more one wants to know about it. I thank Dr. Stewart for attending. I also thank members for their contributions.

Written Answers — Department of Employment Affairs and Social Protection: Social Welfare Payments (31 May 2022)

John McGuinness: 452. To ask the Minister for Employment Affairs and Social Protection if an application for the domiciliary care allowance relative to a person (details supplied) will be expedited and approved based on the medical reports provided and the outline of the daily care that is given by a person. [27373/22]