Decision to guillotine Investment Limited Partnership Bill shows Government’s priority is Big Business – Senator Paul Gavan
Sinn Féin Senator Paul Gavan has condemned a decision to guillotine Committee stage of the Investment Limited Partnership Bill in the Seanad today.
Senator Gavan said: “The same day we see small shops, across every main street in the State close, and thousands become unemployed, the Government are pushing through a rushed law to help big business get bigger.
“Government parties have given priority to the Investment Limited Partnership Bill, a piece of legislation to facilitate one of the richest business sectors in the state.
“This is all on top of the revelation last month that former Fine Gael Minister Michael D’Arcy, involved in guiding the bill while in office, will now work for a lobby group that has direct interests in this legislation. Further legislative scrutiny is clearly needed on this bill so that we can be sure it is as robust as possible and give confidence in its working.
“This is a highly technical Bill dealing with a very specific area of finance and yet is being rushed through the Oireachtas right in the middle of a pandemic. This needs to be halted, given greater scrutiny, and Government needs to get its priorities right.
“This State already has 20 of the world’s top 25 financial services companies. There are over €4 trillion in fund assets under administration here, the State is the 3rd largest global investment funds domicile, and a leading location worldwide for hedge fund administration.
“The bill now before the Seanad is concerned mainly with international finance and has received no pre-legislative scrutiny, or regulatory impact assessment. As workers and small businesses across the State face an unprecedented situation, an uncertain future and a difficult coming Christmas, Government priority is toward big business.
“We ask the Government parties why is this a priority in the middle of a national crisis? Why is it being rushed? And why is the Dáil and Seanad not allowed to scrutinise this bill more? Government need to see sense, halt this bill, give confidence in the legislative process, and provide greater scrutiny.”