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Ukraine War

Dáil Éireann Debate, Tuesday - 14 June 2022

Tuesday, 14 June 2022

Ceisteanna (391)

John McGuinness

Ceist:

391. Deputy John McGuinness asked the Minister for Finance the total value of assets held by special purpose entities in each of the past five years; the total number of these entities; the number that are connected to Russia; and if he will make a statement on the matter. [30017/22]

Amharc ar fhreagra

Freagraí scríofa

Reviews undertaken by the Central Bank of Ireland have identified just under 2% of the 3,000 Special Purpose Entities (SPEs) in Ireland as having links to Russia. It is currently estimated that about one in three of those (that is, 17 SPEs, being 0.5% of the total SPE population) is directly linked to individuals in scope of the sanctions regime.

A Central Bank statistical release on the direct financial links to Russia by economic sector, issued on 4th March and incorporating the latest available data on financial services sectors, stated that, at end-2021, SPEs had holdings of €37.1 billion of Russian-issued assets. There were 33 Russian sponsored SPEs identified with total assets of €35.5 billion, accounting for 8% of the non-securitisation SPE sector.

Year

Total Assets in €bns

No. SPEs

No. Russian Connected SPEs

2017

732.3

2,092

73

2018

734.5

2,356

65

2019

872

2,631

64

2020

942.1

2,862

62

2021

1031.8

3,133

59

For the purposes of the above table, the Central Bank has classified an entity as a Russian Connected SPE if they meet any of the following criteria: The entity is ultimately controlled by a Russian company or individual; The entity has assets with a Russian counterparty or issued by a Russian counterparty; the entity owes money to a Russian counterparty.

Irish SPEs are fully in scope of the sanctions regime. A breach of financial sanction is a criminal offence. Accounts, funds or other assets must be frozen without delay so that they cannot be made available, directly or indirectly, to the sanctioned person, entity or body. In the Central Bank of Ireland’s role as Competent Authority for the administration of financial sanctions, the Central Bank is engaging closely with a number of SPEs with links to Russia. Where the Central Bank suspects a breach of a sanction, the Central Bank reports such suspicions to An Garda Síochána.

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