Lynn Ruane (Independent) | Oireachtas source

I have retabled amendments Nos. 12 and 13 from our Committee Stage debate. They relate to the introduction of important civil, social, economic, cultural and environmental clauses into the investment policies of private financial actors who come together to form a limited partnership under this Bill. Amendment No. 12 will empower the Central Bank to, when considering an application for the authorisation of an investment limited partnership, set important conditions for ensuring that the new fund must demonstrate that it will make a positive contribution to civil, social and economic life in Ireland through its investment policies. Amendment No. 13 would further empower the Central Bank to consider the degree to which the investment policies of the proposed limited partnerships would support global efforts to tackle the climate and biodiversity crisis.These are extremely reasonable amendments. I am not saying that such clauses are even a requirement for these new limited partnerships. I am simply giving the Central Bank the power, where it sees fit and deems it appropriate, to choose to set its own conditions for the granting of this new legal investment personality in return for the favourable legal and investment opportunity we are giving to them. The vast majority of Irish people want to know what we are getting in return for the extraordinary efforts the Government is making to facilitate the growth and accumulation of international capital here in Ireland. Amendment No.12 would allow for exactly that. These proposals are entirely in keeping with the climate and biodiversity focus of the programme for Government and could feasibly represent a real and tangible opportunity to address those crises. We had a lengthy and detailed debate on biodiversity in the Seanad last night where the lack of solutions presented by the Government to date was lamented. It is this kind of proposal that could cause a sea change in our crisis response. If every investment policy under this Act was designed to support even one specific biodiversity or climate project we could feasibly see all the ground lost in Ireland in recent years made up in a very short time.

I listened closely to what the Minister of State said when rejecting these amendments on Committee Stage. He said that the Central Bank is responsible for the authorisation and supervision of investment funds established here in Ireland and as such, "it is not a matter for the Oireachtas to set out the rules and conditions of any investment fund". I fundamentally reject this assertion because we are doing exactly that here. We are setting out the rules and conditions by which investment funds are approved and operated. It is entirely within the powers of the Oireachtas to set out the kinds of conditions we expect from these funds. We are not making decisions on individual funds but setting the framework by which the decisions are made. The Minister of State has set out many conditions for authorising an investment partnership. They are detailed and set out in this legislation and I am simply proposing that we add more. As representatives of the public and their law makers, it is up to the Oireachtas to decide how this area is regulated. The Minister of State may not want to set out these kinds of social and environmental considerations but he cannot say that it is not our role or within our powers to do so. The Minister of State also referenced a number of very worthwhile and important European legislative instruments on social and environmental investment policies. However, I do not see how they can be presented as obstructing the need to include the kinds of provisions that I am proposing. Surely we should look to strengthen our laws to aid implementation of EU directives and increase our ambition and scope rather than just doing the bare minimum because it is a European requirement. I am disappointed that the Minister of State does not see this as an opportunity for Ireland to become a leader rather than a follower in this area and urge him to prove me wrong in that assertion by accepting these amendments.