Engagement with Investment Funds: Motion (Resumed) [Private Members]
The following motion was moved by Deputy John McGuinness on Thursday, 27 September 2018:
That Dáil Éireann:
— shall consider the Report of the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach entitled, Engagement with Investment Funds, copies of which were laid before Dáil Éireann on 15th March 2018;
— notes the continuing, unsuccessful efforts of the Joint Committee to engage with unregulated private investment funds and regulated credit service firms and regrets the position of these entities in declining invitations from the Joint Committee to attend hearings of the Joint Committee and to be accountable to Parliament;
— acknowledges the support of the Governor of the Central Bank of Ireland in calling for the unregulated private investment funds and regulated credit service firms to attend at Joint Committee on the basis that "firms with a serious role in the Irish economy have a social responsibility to account for themselves before the Committee";
— notes the information provided by the Department of Finance detailing the level of engagement with the funds industry from 2013 to 2016 detailing approximately 125 relevant meetings held, thus demonstrating the level of interaction between the funds industry and the Department over those years; and
— calls on the Government to implement the recommendations contained in paragraphs 17 and 18 of the Report, namely:
— to cease all engagement with unregulated private investment funds and regulated credit service firms until these entities are accountable to Parliament; and
— to introduce legislation for the regulation of all unregulated entities operating in the Irish mortgage market in order to protect Irish consumers.
Debate resumed on amendment No. 1:
To delete all words after "and the Department over those years; and” and substitute the following:
"— calls on the Government to implement the recommendation contained in paragraph 18 of the Report to introduce legislation for the regulation of all unregulated entities operating in the Irish mortgage market in order to protect Irish consumers; and
— calls on investment funds to engage with the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach as a matter of urgency and to attend the Joint Committee when invited."
- Minister of State at the Department of Finance (Deputy Michael D'Arcy)
I must now deal with a postponed division relating to the motion regarding committee report entitled 'Engagement with Investment Funds'. On Thursday, 27 September 2018, on the question that the amendment to the motion be agreed to, a division was claimed and in accordance with Standing Order 70(2), that division must be taken now.
Motion agreed to.