Vincent P Martin (Green Party) | Oireachtas source

The Green Party will support the Bill because it brings us a step in the right direction. It protects us from what are often more subtle threats which influence or could or have control over strategic assets by hostile foreign actors. It will also help to guard against the interlinked threat of cutting-edge technology being exported from Ireland and getting into the wrong hands. One of the criteria that will be considered when reviewing transactions is whether it is an opportunity to undertake espionage. Will the Minister of State expand a little on this aspect?

According to the latest CSO figures from quarter 1 of this year, the stock of FDI in Ireland equates to €1.26 trillion. Although this figure showed a reduction on the previous quarter, the medium-term trends indicate fluctuations from quarter to quarter of tens of billions of euro. It is important that these huge sums of money being invested in Ireland and all of the employment associated with them are properly screened. We have been left exposed to threats to our national security and public order by a lack of screening mechanisms for third-party investments up to this point. Considering the volume of new investments is quite low compared with existing investments, will the Minister of State consider further action to provide more transparency on existing investments in Ireland?

I understand from the legislative provisions that there will be a certain amount of sensitivity appropriate to the nature of the transactions, and that is covered in the adjudication process. Furthermore, section 12 provides for a limit on a retrospective period within which a Minister can review a transaction. Can the Minister of State outline the purpose of the stipulated window of retrospectively taking action? If something is missed initially, beyond this period is there no way that it can be reconsidered? Does the five-year limit apply to transactions conducted before the Bill is enacted?

I thank the Minister of State for working closely with party colleagues, Deputies Francis Noel Duffy and Marc Ó Cathasaigh, on amendments in the Dáil, in particular the amendment to ensure that the cumulative total of investment across 12 months was notifiable, rather than just individual transactions. It is an important move to strengthen the Bill as it will ensure that a party cannot hide several smaller transactions.

The purpose of the Bill is to bring in a screening mechanism for investments into Ireland for potential threats to our security and public order. That has to be welcomed. I welcome this legislative initiative and will be happy to support it.