Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 12:

In page 15, between lines 32 and 33, to insert the following:

“(6) For the avoidance of doubt, the Minister may not make a proposal for the purpose specified in section 14(2)(a) in respect of the ICN Fund where such funds would be utilised to provide financial relief to companies with an annual turnover of over €1 million.”.

The amendment seeks to insert a new subsection into section 19. Section 14(2) provides that the ICN fund can be used where the Minister deems there is a significant economic downturn and the funds are required to address it. This is to ensure that money set aside to address the most significant challenges of our time does not end up being used to provide bailouts to large companies and corporations. It is about ensuring that if there is a downturn, the priority will be to ensure we invest in a way that is most beneficial to the State and that we do not simply look to keep companies afloat with a subsidy. This has to be around infrastructure, nature and climate. I am open to discussion on whether €1 million should be the threshold or whether a larger or smaller threshold is appropriate, and I know there are different views. I have simply picked that figure.

We know there have been situations in the past where appropriate general supports that the State provided to companies during difficult times, such as during Covid and at other times, have been inadequate or have lacked refinement in their targeting, with the result that benefits were accrued by very large companies that were not, in fact, under financial pressure, when we know many smaller businesses really were under pressure and needed such benefits and schemes. It is appropriate to ensure that if there is a time of difficulty, the priority will be our collective public ambition for these funds and not simply the well-being of certain companies.