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

The normal process when legislation is going through the Houses is being applied. We are going through the deliberative process in respect of this Act and when that is completed the lobbying documents can be sought. All the documents in relation to lobbying on the Finance Bill and the budget, for example, can be made available in due course but not before they have been fully considered. That means consideration by the Oireachtas as well. I have to take issue with the Senator when she says this Bill will damage our reputation. I entirely refute that. This Bill is good for our reputation. The Irish Central Bank is deemed to be a good central bank internationally.Any suggestion that it will regulate and approve investment limited partnerships that would damage our reputation I do not accept for a split second. In fact, the Central Bank has often been accused of being too strict in its regulation. Our Revenue Commissioners are also very strict on tax compliance. They take on not just the biggest people in Ireland but also the biggest corporations in the world when they have to. We have seen that they have never been shy of doing that. I therefore do not accept for a minute that the Irish Revenue Commissioners or the Irish Central Bank would in any way allow issues to arise on their watch that would damage our reputation. I therefore do not accept that this legislation will damage our reputation. It will be strictly regulated by the Central Bank.

There will be a 12-monthly report. I cannot envisage what the content of that report will be at this stage, so far in advance. There will be an opportunity when the report is published to discuss it and its contents or perhaps issues that could be included in future reports. The commitment at this stage is a post-enactment scrutiny note 12 months after the enactment of the legislation, in line with Standing Orders. Accordingly, I cannot accept the recommendation made by Senators Higgins and Ruane.