Alice-Mary Higgins (Independent) | Oireachtas source

I respect that 25% is the figure set out in the money laundering legislation but the concern is one of scale. As I see it, Ireland is keeping the same definition of a big fish while enlarging the pond very considerably. The concern is that investment limited partnerships are not of the same scale as an individual company. They are an amalgam of multiple funds. That is the case that has been made in favour of them; that there will be large umbrella funds with multiple sub-funds, a very large investment vehicle with governance measures attached to the top. It is a matter of the scale. That is where there is an issue. One will be able to invest €24 million and not be considered a key actor in the fund because it is a fund of €200 million. I appreciate the sentiment driving the money laundering legislation from Europe and that we are now seeking to comply with the letter of that legislation but I am concerned that the scale will make that measure less meaningful and less effective. This is an issue that needs to be addressed, whether individually or, given Ireland's key role as regards the finance ministers of the EU, collectively. Some 25% of a €4 million or €5 million fund is not the same as 25% of a €100 million or €200 million fund. In that context, I will press these amendments. I hope these issues will be addressed in another way elsewhere.

I recognise and appreciate the Minister of State's points as to the issue of control. Some of my later amendments touch on the issue of what constitutes control of a vote.