I welcome the Minister of State, Deputy Calleary, back to the House.
Screening of Third Country Transactions Bill 2022: Committee and Remaining Stages
Sections 1 to 42, inclusive, agreed to.
Title agreed to.
Bill reported without amendment.
When is it proposed to take Report Stage?
Now.
Is that agreed? Agreed.
Bill received for final consideration.
When is it proposed to take Fifth Stage?
Now.
Is that agreed? Agreed.
Question, "That the Bill do now pass", put and agreed to.
Perhaps the Minister of State would like to make a few concluding remarks.
I thank the Acting Chairperson, the officials and the officials in my Department for facilitating Committee and Report Stage today, and for their support of the Bill on Second Stage, which we dealt with here last week.
As all Members are aware, this Bill deals with sensitive and complex matters. Its purpose is to protect Ireland's security and public order against threats that are emanating from investment from third countries. To achieve this, the Bill will empower the Minister of the day to assess, investigate, authorise, condition or prohibit foreign investments based on a range of security and public order criteria, and to prevent or mitigate such threats.
Establishing a formal investment screening mechanism represents an opportunity to design and tailor a system that is appropriate to Ireland's needs. Our approach will balance Ireland's long-standing foreign and direct investment strategy while also acknowledging the challenge posed by potentially hostile investments. The implementation of the investment screening mechanism will also provide reassurance to key trading partners that Ireland is a responsible global player, cognisant of the threat posed by the strategic and potentially hostile state-backed investment strategies that are being deployed by some third-country corporations.
Ultimately, Ireland's development of an investment screening mechanism is in line with best international practice. I again reassure Senators that this Bill will in no way act to dampen legitimate investment in Ireland.
It is not envisaged that large numbers of transactions will require notification. Of those that are notified, it is likely that most will be quickly cleared without flagging any security or public order concerns. The Bill does, however, provide a necessary safeguard against the actions of those who would do us harm or undermine our security. We will now begin its implementation in the Department.
I thank my officials who have put considerable work into this legislation over a long period. I thank the Members of Seanad Éireann and Dáil Éireann, in particular the members of the Oireachtas Committee on Enterprise, Trade and Employment for their co-operation.
Question put and agreed to.
I welcome the pupils from Meánscoil Gharman in Wexford who are in the Visitors Gallery. They are guests of Senator Malcolm Byrne. It is good to see them here observing our proceedings. I hope they enjoy their day and wish them a safe journey whenever they decide to head home.
Cuireadh an Seanad ar fionraí ar 3.36 p.m. agus cuireadh tús leis arís ar 5 p.m.
Sitting suspended at 3.36 p.m. and resumed at 5 p.m.