Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I welcome the opportunity to address these amendments. Interestingly, this is our third debate on Committee Stage. One Senator complained that we were not giving it enough time and said that we should not conclude it today whereas the previous speaker complained about us giving it too much time and asked whether it was a reflection of Government policy that we were spending so much time on this type of legislation rather than other legislation that people might consider more necessary at this time. I have been given two conflicting views about the time afforded this, our third session on Committee Stage.

I will give a general answer to the question on freedom of information, FOI, requests. Where an FOI request is made in respect of any matter, including this, a decision is made to refuse, grant or part grant that information. If someone is not satisfied with the response, he or she has the option of appealing the decision. Regarding the situation Senator Gavan raised, my understanding is that a decision was made and that the requester has not made an appeal on same. The requester had the option of pursuing the matter but did not take it. That is the end of the request if the requester does not want to pursue the matter by way of appeal. If my understanding is wrong, then I will correct it on Report Stage, but there currently is no live application under the Freedom of Information Act for consideration in respect of this Bill in the Department. One application was made and dealt with and has not been pursued. That is the end of the story. I cannot add anything further beyond outlining the facts of the situation.

While I understand where Senator Ruane is coming from with her amendments, I am not able to accept them because the Bill incorporates much of their spirit and content. I will elaborate. My reasoning has two parts - first, the role of the Central Bank and the EU and, second, the forthcoming EU legislation on sustainable investment.

The Cental Bank is responsible for the authorisation and supervision of investment funds established in Ireland. As such, it is not a matter for the Oireachtas to set out the rules and conditions of any investment fund. That is why we have a Central Bank, which is the regulator. It will approve or not approve the particular proposals put to it. It is not a matter for the Oireachtas to adjudicate on the investment priorities of individual funds except to say that they must operate within the legislative guidelines, the Central Bank's regulatory rules, the EU's rules and any forthcoming EU legislation on sustainable investments. The Central Bank's mandate is to protect the best interests of consumers and supervise regulated funds. It cannot require an investment fund to invest in a certain manner or with a particular objective.

However, I hope that the second part of my reasoning will provide some comfort that there is EU legislation covering investment funds. It focuses on sustainable investment and investment funds with an environmental, social or governance objective. The European social entrepreneurship funds regulation, EuSEF, already provides a regulatory framework for funds with a social investment objective.That already exists at EU level and we are bound by it. An investment limited partnership may be established under the regulations that would be regulated by the Central Bank of Ireland. Another EU regulation on sustainability disclosures in the financial services sector was recently agreed and it will apply from March of the coming year in regard to any funds established under this legislation.

Overall, the EU legislation provides for a comprehensive package of measures aimed at directing private sector finance towards mitigation of climate change and other environmental threats, which is very important. It will have an impact on investment funds, regardless of whether they label their financial products as green. Under EU regulations, there is already provision in regard to ensuring funds can come under the sustainable development heading and the green environment heading. I do not have to repeat that it is also an opportunity to increase employment here in Ireland by providing this service. All in all, I think the spirit of what the Deputy is talking about is already enshrined in the original legislation and, on that basis, I am not in a position to accept the two amendments.