Seanad debates

Wednesday, 7 October 2020

Investment Limited Partnerships (Amendment) Bill 2020: Committee Stage (Resumed)

 

10:30 am

Photo of Paul GavanPaul Gavan (Sinn Fein) | Oireachtas source

Section 5 is another example of genuine concern. There are a lot of amendments of other pieces of legislation in this section and, as the Minister of State has acknowledged, there has been no pre-legislative scrutiny. Going back to an Oireachtas committee in 2018 really does not cut it because we all know what has happened in recent weeks. I think it was Pat Rabbitte that famously said, when the facts change, we change our minds. There is something inherently concerning regarding the Bill; who was in charge of it, what has happened and a lack of scrutiny. To be honest, I am more concerned now. It just does not read right. It looks to me like a Bill that has been written by the industry, in which case we do not know what the consequences may be.That is why we keep asking the Government to press pause here. It would probably be quicker to go back to pre-legislative scrutiny at the finance committee and acknowledge that in light of the special difficulties that have arisen that this is a flawed process. That is the right thing to do. We have given two or three options to do that today and the Minister of State has not moved even an inch, which is very disappointing. I will oppose this section. We do not know enough about it.

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