Thursday, 4 July 2019

Ceisteanna (113)

Michael McGrath

Ceist:

113. Deputy Michael McGrath asked the Minister for Finance when he plans to introduce amendment legislation regarding limited partnerships; and if he will make a statement on the matter. [29030/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The updating of the Investment Limited Partnership (ILP) Act, 1994 is a priority on the Government's legislative programme. The ILP Act has been in use since 1994 and it is widely acknowledged that it needs to be updated to fit the environment and its intended clientele. There have been significant changes in the financial area in the past 25 years and the revisions contained in the published Bill are aimed at modernising the legislation. In doing so, this will underpin one of the strategic priorities in the recently published 'Ireland for Finance' strategy document, which is to make Ireland a global location for private equity funds.

The Bill of the amendments to the 1994 ILP Act was recently published. The intention is to progress the Bill through the Oireachtas as soon as possible and with the cooperation of all concerned it is hoped that it will have passed all stages this year. With this in mind, I anticipate that the Bill will be introduced into the House in the early Autumn session.