Michael D'Arcy (Fine Gael)

I hate to stand up after two Members have spoken to say effectively the same thing. It is not often that this happens. I was in the Dáil with Minister of State, Deputy Hayes, and Senator O'Brien, then a Deputy, when the civil partnership legislation went through and I saw the cross-party consensus for it. It was a genuine consensus rather than, as is sometimes the case, a pretence of consensus. On that occasion everyone wanted the issue to be dealt with. If I recall correctly, a Labour Party Private Members' Bill on this issue was rejected and following that the Civil Partnership Bill was passed towards the end of the last Dáil. We are now giving taxation effect to the consensus that occurred on that occasion.

Like Senator O'Brien, there are many issues outside the remit of this Bill that I could raise with the Minister of State, but it would not be appropriate for me to do so. However, I wish to raise a few minor issues. Some people benefited in the past on the basis that there was no civil partnership legislation or legislation to give taxation effect to it in place in that they walked away from their obligations and left behind a partner or a partner and children who were in need of maintenance. Those people had that benefit because the Legislature had not done anything in this respect. There was no such legislation on the Statute Book. Those people were, effectively, given a free hand to choose to walk away if they wanted to. This legislation ties up that lacuna in law for people who found themselves in such a difficult vulnerable position and I am glad about that.

I am also glad that the Bill makes provision for long-term cohabiting couples. While there was a good deal of focus on same sex couples, it is good that people who were cohabiting were not excluded in this Bill. I touched on the issue of maintenance payments. It is one of the biggest issues and I am glad it is concluded.

I am concerned about the tax elements. While this is a short Bill and much of the detail is in the Schedule to it, I am hopeful that there are no loopholes in it. I hope the Department of Finance has gone through this with a fine toothcomb to ensure people cannot employ the best tax lawyers in the country to find loopholes. The ability to locate such loopholes is not in my sphere of expertise nor is it within the ability of most Members of these Houses. However, certain taxation law firms specialise in this sort of activity. If the Bill is discovered to contain loopholes I ask that they be closed quickly rather than pursuing them through the courts. Far too often, the Legislature does not act until a case comes before the courts.

On the day we were downgraded by Moody's, it would be remiss of me not to discuss our current position. Moody's is one of three or four international organisations which rate nations, banks and businesses but the biggest players are the members of the International Swaps and Derivatives Association and they will be the people who determine whether a credit default occurs. While the markets may react to the ratings agencies, the latter are not the major players. In the context of tax law, it is appropriate to point out these companies are not regulated. They are the same companies which described the banks as wonderful prior to the international financial collapse. They operate as they see fit even though their views have significant implications for markets and governments. These companies must be regulated at national, European and global levels.