Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 61:

In page 31, lines 28 and 29, to delete “(including money in a currency other than the currency of the State)”.

This amendment relates to the power to borrow and is a response to a concern about a provision on page 31 of the Bill that allows for the commission to borrow money, including money in a currency other than the currency of the State, for the purposes of performing its functions. It is an area of some concern. We believe that, where the commission borrows such moneys, it would be best practice for it to do so in the currency of the State. There is another specific concern here, to which our subsequent amendment No. 63 relates. That amendment proposes that "The Commission may only borrow money from a financial institution authorised by the Central Bank of Ireland to operate in the State."

The concerns here relate to specifying the currency. That is a particular concern because we have seen the creep of cryptocurrency and increasing attempts to give it a central role and to have it be used, crafted and shaped as a legitimate currency for operations. There are attempts to have crypto assets treated as assets and some want financial or investment portfolios that contain crypto assets or cryptocurrency to become part of our financial infrastructure. That is a really troubling trend. I was not only thinking of cryptocurrency in proposing this amendment but it was at the back of my mind given the areas it is planned to regulate through the operations of the commission.

Amendment No. 61 removes the capacity to borrow in a currency other than the currency of the State, which would be better practice. Amendment No. 63 requires that money be borrowed only from "a financial institution authorised by the Central Bank of Ireland to operate in the State." I recognise that amendment No. 63 may be seen as overly onerous and I would be happy not to press that amendment as it should probably refer to institutions within the European Union instead. Again, the core point of this amendment relates to the concern that we are seeing people seeking to use currencies not regulated by central banks in Ireland or elsewhere in respect of financial transactions.