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Doherty welcomes Irish application to join Asian Infrastructure Investment Bank

31 May, 2016 - by Pearse Doherty TD


Sinn Féin Finance Spokesperson Pearse Doherty TD has said he has welcomed the confirmation from Minister Michael Noonan that Ireland has applied to join the Asian Infrastructure Investment Bank (AIIB).

The confirmation was contained in a reply to Deputy Doherty asking what upcoming legislation the Minister was planning. The Asian Infrastructure Investment Bank Bill is currently being drafted in conjunction with the Attorney General while Ireland’s application is being considered by the AIIB’s Founding Members.

Deputy Doherty said:

“I welcome this confirmation from the Minister that Ireland has applied to join the AIIB. I questioned Minister Noonan about this last year where he indicated it was under consideration by Ireland. Many of our EU partners joined up straight away as Founding Members including Britain, France and Germany.

“Even from the reply I have received it is clear that Founding Members have a status in the Bank. In this case they are given oversight of Ireland’s membership application. Given this we have to wonder why Ireland did not apply as a Founding Member last year. Nobel Prize winner Joseph Stiglitz has praised the AIIB and called on States to join it despite what was perceived as American objections.  

“The Bank offers Ireland the opportunity to contribute to economic development in fast developing Asian economies and ultimately to achieve a return on investment. I look forward to examining the legislation and discussing what role Ireland should play in the AIIB which, when initially established, had $50 Billion in capital.

“I will further quiz the Minister in the coming days on the costs and opportunities of this application might bring to the State and hope this process can be more transparent than the application itself.” 

Note: See the PQ in question below


QUESTION NO:  233

DÁIL QUESTION addressed to the Minister for Finance (Deputy Michael Noonan)
by Deputy Pearse Doherty
for WRITTEN ANSWER on 31/05/2016  

 To ask the Minister for Finance to list the Finance Bills from the 31st Dáil he intends to re-initiate; and the Bills his Department is working on, with an indicative time scale for the legislative process in each case; and if he will make a statement on the matter.
  
REPLY.


The information requested in respect of the Bills which my Department are working on is set out in the table below. Once a bill has been published it is, of course, a matter for the Oireachtas to determine when the various stages of the legislation will be taken.

 

Bill

Timeframe

Taxation and Certain Other Matters (International Mutual Assistance) Bill

This Bill was submitted for pre-legislative scrutiny during the last Dáil session and is awaiting consideration by the relevant committee.

Single Resolution Board (Loan Facility Agreement) Bill

The Department is seeking Government approval to reinstate the Single Resolution Board (Loan Facility Agreement) Bill 2016 at second stage in the Dáil.

Amalgamation of the Offices of the Pensions and Financial Services Ombudsman Bill

It is anticipated that the further work required to finalise the detailed heads of Bill will be completed shortly. 

Finance Bill

In early October there will be a Memo to Government. In this Memo the Minister asks the Government to (i) approve proposals for inclusion in the Finance Bill (subject to certain conditions) and (ii) authorise the Minister to circulate the Finance Bill to Deputies on a specified date.

Asian Infrastructure Investment Bank Bill

The application to join the AIIB is currently being reviewed by the AIIB and its Founding Members and the Department of Finance is in consultation with the Office of the Attorney General regarding the draft legislation. 

Publication of Bill is envisaged before end of 2016.

Additionally, a decision on whether or not to proceed with primary legislation has yet to be taken in respect of a Green Climate Fund Bill. In accordance with the commitment in the IFS 2020 Strategy, the Department of Finance is also working on proposals to amend the Investor Limited Partnership Act and related legislation. 

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