Barry Ward (Fine Gael) | Oireachtas source

Ar dtús báire, déanaim comhghairdeas leis an Leas-Chathaoirleach as ucht a bheith tofa mar Leas-Chathaoirleach an tSeanaid.

I will not take the full five minutes as I will only make a brief contribution on this Bill. It is very important legislation. As we have heard, it has been a long time in the birthing process and in coming before this House. In that regard, it is unfortunate to describe it as unnecessary, a waste of time or ill-timed. The reality is that we do not always get to choose the timing of the legislation that comes before this House. It is, nonetheless, important legislation. It is not reasonable to compare it to the importance of other legislative or policy measures that might come before the House because we can always draw up a list of the hierarchy of what we consider to be most important. This legislation is a long time coming and perhaps most important, it creates, or enhances, a regulatory regime.

I agree with what Senator Sherlock said about the importance of transparency in this area because the financial services aspect of the Irish economy is tremendously important. Of course, some people are critical of that and Senator Sherlock is quite right in identifying the mobility of the funds that might be part of the industry here. That is a significant risk given the economic model that Ireland has followed, though that model has served our economy extremely well for more than a generation now.

The Minister of State and Senators referred to the extent to which the financial services industry contributes to our economy. That is not just about jobs, though it is estimated that more than 30,000 people are employed directly or indirectly by this sector alone. That, of course, does not count. Many others are involved in the provision of services and so on for people who come here. Reference was made to the Government's desire to increase the number of people working in financial services within the economy. I would not necessarily accept that because one of the things international financial services do is draw people into the country. They bring people here who then pay tax, spend money, live here and contribute to our society. That is an important aspect as well, apart from the nearly €1 billion directly received by the Exchequer and the additional money spent in the sphere through the various other things associated with it. It is tremendously important to note this legislation is making a positive contribution. It is adding to our reputational status within Europe, adding to the transparency that was mentioned by other Senators and, of course, addressing our obligations under the EU anti-money laundering frameworks, which is very important. It may not be as important as other specific difficulties we have, legislatively and societally, but it is, nonetheless, very important legislation and I am delighted we will bring it through Second Stage.

I want to acknowledge a point made by Senator Casey. This is my first time speaking in the Seanad as an elected Senator, even though I was elected at the beginning of April, so it is bizarre we have waited this long to get to this point. It is important to note this is the first time we have not taken all Stages of a Bill in one day. That is another positive move towards the way this Chamber should be operating. It is welcome that we are taking Second Stage and taking our time to consider all aspects and, in due course, to deal with the Committee Stage amendments.