I move: "That Second Stage be taken now."

Sometimes we describe a Bill as a very technical piece of legislation or as boring. Unfortunately, this type of thing is boring but we have to get through it, and the devil is very much in the detail in this case. We are talking about the private equity sector in respect of financial services for Ireland. As the Minister of State will be aware, the financial services sector is quite a large employer, of about 16,000 people currently. The sector has been arguing, for about four and a half to five years, that without…

As we saw in a "Panorama" programme this week, where we have these quantities of finance, there is the potential for wrongdoing. We do not want that to happen in this jurisdiction. We want to know who the beneficial owners are. This legislation goes beyond what is required by European law. It is stronger, more open and more transparent than the equivalent systems in any other jurisdiction of which I am aware. I very much support that. I have a single question. The requirement for PPS numbers in this regard is fine …

I would like to add my voice to those congratulations. I apologise for not doing so earlier.

We should invite him to the Chamber.

Next Tuesday, 29 September.

I thank the Minister of State for coming in. Today we are discussing a stimulus of between €7 billion and €7.5 billion. It is important for people to understand that each stimulus is subject to a timetable. It will either work or not, within that timetable. If it does not work, that means the money has run out and that we have not got back to a degree of normality. On the last occasion I spoke here, I spoke about what was happening across the Atlantic, in the US. I spoke about the funding with which that jurisdicti…

The Senator’s party leader said last night that it was miserly.

I did not, Senator.

Excuse me, Senator, I did not say that.

I did not say that.

The Senator can check the record of what I said earlier.

That is a stretch.

Now.

The Senator has highlighted one sector, namely, the tourism sector. We know there has been a huge impact on that sector, but at least it has the opportunity to reopen. A dozen other sectors may not reopen at all. I will give the example of English language schools. It is possible that none of those schools will open in the short or medium term. The Senator has highlighted just one sector. That is why this recommendation is hugely flawed.

I understand the Senator's position on legislation but it is entirely inappropriate that employers who desperately need the funds to go into their businesses, to keep them open and allow them to keep employing staff, would have a qualification whereby one has to do this or not get the support from the State. I do not think that is the right way to manage it and I am of the view that it would be inappropriate.

We have the highest minimum wage and one third of all workers in the State pay zero income tax. One would imagine that there was nothing in respect of that. It is appropriate that one third of workers do not pay income tax and it is because we have the most progressive income tax system in the OECD.

That is what the OECD says. I will not take the lectures and condescending tone from the Senator from Sinn Féin.

Now.

I move: That pursuant to subsection 2° of section 2 of Article 25 of the Constitution, Seanad Éireann concurs with the Government in a request to the President to sign the Financial Provisions (Covid-19) (No. 2) Bill 2020 on a date which is earlier than the fifth day after the date on which the Bill has been presented to him.