Seanad debates

Tuesday, 18 December 2018

Finance (African Development (Bank and Fund) and Miscellaneous Provisions) Bill 2018: Second Stage

 

12:30 pm

Photo of Kieran O'DonnellKieran O'Donnell (Fine Gael) | Oireachtas source

Too much for the Minister of State's own good. The Bill has humanitarian and strategic aspects for Ireland. It is important that we be involved in these projects worldwide. In fact, this is probably long overdue. Ireland will be one of 80 member countries of this body and it is important that we be seen to be operating on the global stage. I welcome this. Obviously, we will be a non-regional member. Non-regional members will account for 40% of total shares and 40% of total voting power. Are votes done via qualified majority? How does that system work? Our contribution, which will be in the order of €12.4 million annually, will amount to just under €100 million over an eight-year period. Does that count towards our percentage spend on overseas aid? This is a technical point, but it is important in view of the fact that we are trying to increase our metric. All areas of spending should be covered by it.

The accountant is coming out in me so, in the interests of prudence, the callable capital element looks very structured financially. In terms of our country carrying out some form of due diligence on the finances annually, is there a mechanism for us to peruse how the development fund and bank perform? Will our Central Bank and-or the Department of Finance examine the figures to ensure there is a prudent eye on behalf of the €100 million of Irish taxpayers' money that is going into this? It is a worthwhile cause, but it is still taxpayers' money that we are spending, so there must be an element of prudence and probity. That is the case regardless of the level of spending and is often missed in discussions. This is the money of the worker and of the person on social welfare who is buying goods and paying VAT, so it must be accounted for when spent. It is coming full circle.

I welcome this measure. Are we taking all Stages?

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