Kieran O'Donnell (Fine Gael) | Oireachtas source

I welcome the Minister of State, Deputy D'Arcy, back to the Seanad. I wish to make a few observations on the Bill. I understand that Ireland will be required to invest €25 million. Does that provide us with a shareholding in the bank and what percentage shareholding does it provide? Our exposure in terms of the bank would be of the order of €100 million. It is covered on page 8. It is €125 million split between 80% callable capital and 20% paid in. The exposure would be up to €100 million. Obviously, the Department of Finance would have carried out due diligence. I ask the Minister of State to confirm that.

I understand we would be able to nominate a member to the board of governors, but when does the Minister of State anticipate that Ireland would have a member on the operating board, the board of directors? I think Ireland will have the opportunity to hold an advisory position, which will rotate between the members.

We live in a global economy. While I am not being parochial, obviously we have to look after our interests. We are putting €25 million of taxpayers' money into such an institution. What would be the opportunities for an Irish company to look for investment from the Asian Infrastructure Investment Bank? Would it be where an Irish company is looking to set up production in China? Would it be where a company might seek a joint venture with a Chinese company, exporting from Ireland into China? What opportunities does it present in an Irish context? I know it goes towards our ODA investment, which is to be welcomed. I want to bring it back to practicalities. I see the global context and the European-wide context in investing in developing Asian countries.

Many Chinese investors visit Ireland and many Irish companies are looking to get into China. China is the biggest market of all and is largely untapped. I see positives with the Asian Infrastructure Investment Bank. On a practical level, where does this present opportunities for Irish companies? I obviously commend the Bill.