Dara Calleary (Mayo, Fianna Fail) | Oireachtas source

Gabhaim buíochas leis na Seanadóirí as ucht na focail inniu. I will go through each of the Senators' queries and then wrap up.

I believe every Senator who spoke agreed on the importance of FDI. Establishing a formal investment screening mechanism is an opportunity to design and tailor a system to Ireland’s needs that specifically suits our economy and our country and maintains our attractiveness as a location for investment while also putting in place a robust but proportionate – I will revert to Senator McDowell’s remarks in this respect – screening mechanism that protects security. Our FDI partners will be comfortable that this is not too onerous a burden. I welcome Senator McDowell's recognition that there is a gap and that we are trying to fill it.

The screening Bill is targeted and is focused on what we call a risk-assessed basis. As of now, it only applies to critical technology and infrastructure, as laid out in section 9. Notification outside these areas is not required. As such, construction and agriculture, which Senator Ahearn referred to, are not within the scope of the Bill. The Bill provides powers for the Minister of the day to call in transactions that were not notified over a period of the past five years. This will give us a chance to examine some of the cases to which Senators referred. The Bill sets out a range of mitigating measures the Minister can impose if risks are identified.

To Senator Gavan, my officials assure me they are familiar with Underground Empire. It will be climbing up the sales lists this week.

I acknowledge the work our officials – those with me today and those back at base – have put into this Bill. It is complex and complicated and they have worked in co-operation with multinational partners from across the world while remaining focused on EU-specific tools. My officials are more than happy to brief any Senator on the matter. If Senator McDowell wishes to engage with them afterwards, we will be more than happy to brief him and his team.

I thank Senator Martin for his remarks. I acknowledge the role played by Deputies Duffy and Ó Cathasaigh in enhancing the Bill.

It is important the House notes that the bulk of FDI poses no risk. It is actually a good thing, and this Bill only applies to a very small range of criteria. Section 13 sets out the screening criteria for the Minister of the day to use. The potential to disrupt state espionage is one of those criteria.

There is a window for retrospective review. By setting out that time period, we avoid creating disproportionate uncertainty for investors in particular. We view five years as a good balance.

We will be putting in place resources and, in particular, a robust IT system, allowing us to fulfil the Bill’s potential.

We do not want to put Ireland at a disadvantage in terms of securing future FDI. The majority of EU member states have already implemented screening mechanisms similar to ours.

The 90-day period is the upper limit. The majority of notifications should not give rise to any concerns and will be cleared in much shorter periods. We will be investing in IT to assist us in this.

It will be in the rarest of circumstances that reasons for decisions will be withheld. They will be wrapped up in national security issues.

I thank Senators for supporting the Bill. This is complex legislation and we are available to assist any Senator between now and Committee Stage. I am anxious to get it passed as soon as possible. As well as my own officials, I thank the Office of the Attorney General and the Office of the Parliamentary Counsel, which have assisted us throughout this process. Our aim is to put in place a screening mechanism that will strengthen the powers available to the State to protect the State’s vital national interests while reinforcing our commitment that we are open to free trade and free investment.