Michael D'Arcy (Fine Gael) | Oireachtas source

I welcome the Minister of State. I am not sure that there are many experts on the subject matter of this legislation in this or the Lower House. I am certainly not one. It is a complicated area and significant legislation is required in a fast-moving world.

It is important that I put the €2.85 trillion in context. We used to talk in millions before moving to billions. Now we are talking in trillions. Some €2.85 trillion is greater than the GDP of France and not much less than Germany's GDP, yet that is the quantity of funds being administered in the IFSC. However, the IFSC is in more places than just the Dublin docklands. As some Members are aware, there has been a rationalisation to other areas in the country. This is a positive development.

The Minister of State referred to a competitive jurisdiction. It is good and important that we be able to compete for our share of expensive employment, that being, the other end of the spectrum from the minimum wage. The people in question are educated, qualified and-or experienced. This raises a point about spending power, something that the country has been lacking of late. However, the pensions industry in this jurisdiction is not competitive. The charges it levies are much higher than in other jurisdictions. If we need to move this legislation so as to get our share of those funds' business, we must ensure that they remain competitive.

I speak as someone who is a part of the small to medium-sized enterprise, SME, setup and has staff. The €2.85 trillion covered by this Bill is staggering. Is there any prospect of this legislation facilitating the State being left on the hook by the actions or inaction of individuals administering these funds or a failure by our regulators to stay on top of their administration nationally or internationally? This is an important point. I must be careful in what I say because I am a member of the banking inquiry, as is Senator Barrett. We cannot say anything that is prejudicial. The State cannot be on the hook for quantities that are greater than France's GDP. On the night in question, the bank guarantee, which did not cover non-Irish banks, was €440 billion whereas the entire sector was valued at approximately €600 billion, yet those are fractions of the industry that we are discussing and that is domiciled in this State.

I support this legislation and welcome Senator O'Donovan's statement that Fianna Fáil will do likewise. Recent opportunities have not been lost, as most political parties have pulled on the green jersey and done the right thing to attract employment prospects, especially in high-end employment. As any first year law student would point out, whenever a case querying legislation ends up in court, the legislation's debate by the Oireachtas is considered by the Judiciary. There can be no prospect of the State being on the hook for any portion of these colossal amounts. Most people do not even know that such amounts are traded in Ireland. The net figure is almost €1.4 trillion. I appreciate that the Minister of State might not have the answer today. The Bill passed all Stages in the Lower House without a vote and I do not anticipate a vote in the Seanad, but I would like an answer. This is my major concern.

According to the Minister of State's speech, the funds are administered in Cork, Limerick and Dundalk. It is important that jobs in this field be distributed around the country instead of only being found in Dublin.