Shay Brennan
Dublin Rathdown · Fianna Fáil · Ireland
“The Minister will appreciate that the risk here is a straightforward competitiveness one. If competing jurisdictions provide clearer legal certainty first, the product development and the jobs that go with it will go elsewhere.”
“I thank the Minister. He will appreciate there is an urgency about this issue. The core requirement from the funds industry is quite narrow. It is recognition that distributed ledger technology is a valid medium for share issuance for transfer, registration and record keeping.”
“Ireland's funds industry manages trillions in assets and supports over 20,000 jobs. It is one of our most significant internationally traded sectors. Globally this sector is now moving rapidly towards tokenisation and the use of distributed ledger technology.”
“Ireland takes the chair of the 2028-2034 MFF negotiations in July. This is a pivotal period in these complex and highly consequential negotiations. Delivering a finalised agreement within our term would be of significant reputational benefit for Ireland.”
“It wants us to use that credibility to bring about a collective European response, because it understands, as we should, that collective European action is where the real impact lies.”
“The regulatory impact analysis acknowledges that this Bill could prompt a response from third countries, notably the United States, with what it calls a potentially significant adverse impact on Irish economic interests.”
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“The Minister will appreciate that the risk here is a straightforward competitiveness one. If competing jurisdictions provide clearer legal certainty first, the product development and the jobs that go with it will go elsewhere. The question is not whether tokenisation or distributed ledger technology will become a core component of the funds industry, but whether Ireland will be ready in time to maintain its leading global position in the funds sector. Our reputation in financial services was largely built on anticipating market developments and rapidly adapting to them. Does the Minister accept that timely action on this issue is necessary and will he commit to engaging with industry stakeholders on specific legislative amendments that have been identified and other requirements that would support the industry?”
“I thank the Minister. He will appreciate there is an urgency about this issue. The core requirement from the funds industry is quite narrow. It is recognition that distributed ledger technology is a valid medium for share issuance for transfer, registration and record keeping. No radical change is being sought, just some targeted non-technology-focused amendments to key relevant Acts. Major international asset managers are already launching tokenised fund products, particularly in the money market funds where Ireland is Europe's leading domicile. Is the Department aware of what legislative changes need to be implemented and of the urgency with which clarity needs to be communicated to fund managers? Is the Minister actively considering legislative changes at this time, and if so, over what timeframe?”
“Ireland's funds industry manages trillions in assets and supports over 20,000 jobs. It is one of our most significant internationally traded sectors. Globally this sector is now moving rapidly towards tokenisation and the use of distributed ledger technology. Will the Minister advise what assessment the Department has undertaken of whether our company law framework, including the Companies Act 2014, ICAP and the Investment Limited Partnerships Act are fit for purpose to support this transformation?”
“Ireland takes the chair of the 2028-2034 MFF negotiations in July. This is a pivotal period in these complex and highly consequential negotiations. Delivering a finalised agreement within our term would be of significant reputational benefit for Ireland. Will the Taoiseach give an assessment of the prospects for achieving that and outline what he sees as the key pitfalls and opportunities for Ireland in holding the chair at this pivotal moment?”
“The regulatory impact analysis acknowledges that this Bill could prompt a response from third countries, notably the United States, with what it calls a potentially significant adverse impact on Irish economic interests. US companies employ around 250,000 people in this country and anti-boycott laws at federal and state level can result in companies being excluded from procurement contracts where they are seen to be participating in a boycott of Israel. At the committee, I tabled a recommendation which was adopted unanimously, that the Minister develop and publish a range of likely economic scenarios so that the Oireachtas could assess the potential diplomatic and economic consequences for Ireland. The committee's assessment were that those repercussions were, in its word, unknowable.”
“The agreement that would actually economically impact Israel in a way it cannot ignore is the EU-Israel association agreement, which underpins trade worth €42 billion annually. The Commission proposed a partial suspension of that agreement's trade provisions in September 2025, but was blocked by a small number of member states. Were that suspension to be achieved, the economic consequences for Israel would be of a different order entirely to what our Bill delivers. We should pass our Bill nonetheless, because our legal obligations do not depend on the size of the economic impact and because Ireland acting here adds to the pressure on other member states to also act. I raised one matter at the committee that I want to put on the record.”
“The 2015 EU basic import regulation provides a public policy exception for goods. There is no equivalent for services under EU law. A Bill that includes services would face a real risk of infringement proceedings without solid legal ground to stand on. I have come to the view that a Bill which takes effect from day one and does what it sets out to do is preferable to a broader Bill that faces the real risk of getting tied up at length in a legal challenge. A measure that never comes into force serves nobody. On scale, settlement goods imported into Ireland amounted to around €200,000 in 2024, mostly fruit and vegetables. The direct economic impact of this measure on Israel is modest.”
“It wants us to use that credibility to bring about a collective European response, because it understands, as we should, that collective European action is where the real impact lies. This Bill responds to the ICJ's advisory opinion of July 2024, which found Israel's continued presence in the occupied Palestinian territory to be unlawful under international law and placed an obligation on third states to take steps to prevent trade that sustains that situation. Ireland is taking that step and I welcome it. The committee on which I serve recommended extending this Bill to cover trade in services as well as goods. I supported that recommendation. The ICJ's advisory opinion draws no distinction between goods and services, and there is no moral distinction either, but the legal advice is clear.”
“I have been a member of the Joint Committee on Foreign Affairs and Trade through the scrutiny of this Bill. I think it is the right thing to do, not because it will in itself change the situation on the ground but because Ireland has obligations under international law and we should meet those obligations. Ireland was among the first countries in the world to call for Palestinian statehood. When Ireland formally recognised the State of Palestine in May 2024, it was the product of decades of consistent engagement that has given Ireland credibility on this issue that very few European countries can claim. The Palestinian Authority has acknowledged that and said to us clearly and on many occasions that what it needs from Ireland is not only action at home, but leadership in Brussels.”
“The scale of what we were facing was overwhelming but we did not default or collapse and we stabilised our banks, managed our debt, returned to the markets, exited the Troika programme and rebuilt. I support the Bill. I commend the work of those who designed and managed NAMA over its lifetime. I welcome the transfer to the NTMA as a logical, efficient and appropriate conclusion to the agency's existence. I take this moment to note for the record of the House that Ireland's response to one of the gravest financial crises in our history was not perfect, as nothing ever is, but it was, by any fair measure, a success.”
“Many of them were working on complex financial, legal and property matters under significant public scrutiny and, at times, criticism. They served the State well. The transition to the NTMA should be managed with full respect for their rights and their service. I ask the Minister of State to confirm appropriate protections and continuity of terms are in place for all staff affected. I will say a final word about what the passing of this Bill means because it is worth slowing down to reflect on. In 2010 when NAMA was being established, there were serious commentators – serious, informed people – who doubted Ireland could manage its way out of the crisis without a decade of depression, a sovereign default and a managed restructuring of the State's obligations.”
“It has the governance structures, the financial expertise and the institutional capacity to manage what remains in a cost-effective and accountable way. Keeping a separate statutory agency alive with its own board, overheads and administrative infrastructure when the substantive work is done would be a waste of public resources. The model of a time-limited, purpose-specific vehicle has been vindicated. NAMA was designed to do a job and then to go. It is now going and that is exactly as it should be. The transfer of staff deserves a specific mention. The men and women who worked in NAMA, particularly those who joined at the height of the crisis, took on a difficult and sometimes thankless task in a highly charged public environment.”
“The overall verdict on NAMA must be judged on outcomes and the outcomes it delivered. This brings me to where we are today and the specific provisions of the Bill. NAMA has substantially completed its work. The vast majority of its loan portfolio has been disposed of. Its active commercial function is at an end and what remains are a small number of residual assets, ongoing commitments in relation to certain legacy matters and a staff complement that has reduced dramatically from the agency's peak. The Bill provides for the dissolution of NAMA and the transfer of its remaining functions, assets and staff to the National Treasury Management Agency. This is entirely sensible. The NTMA is the appropriate home for these residual functions.”
“Questions were raised at various points in this House and before the public accounts committee, and that scrutiny was appropriate and right. No agency operating at this scale under this kind of pressure and over this length of time could expect to do so entirely without controversy and NAMA was no different. The fair reflection with the benefit of hindsight is simply that transparency and public accountability are always worth strengthening in bodies of this kind and that there is always room for a better balancing of commercial sensitivity with public oversight. That is a lesson worth keeping in mind for the future. Those questions, fairly asked and properly pursued, do not diminish the overall record. They are part of how democratic oversight is supposed to function. The agency's fundamental achievements stand on their own terms.”
“The establishment of NAMA and, critically, its credible and professional operation over subsequent years were part of the signal to international investors that Ireland was serious, we had a plan and we intended to honour our obligations. Neither the return to the bond markets, nor the exit from the Troika programme, nor the restoration of our sovereign credit rating happened in isolation. NAMA was part of the scaffolding that made that possible. I want to be fair-minded and not simply eulogise without acknowledgement of the real concerns that were raised over the years. In the interest of balance it would not be right to speak about NAMA without noting that it was not without its difficulties along the way.”
“I should note that NAMA managed a geographically complex portfolio, with assets in Britain, across continental Europe and in the United States, and did so with commercial discipline and without the fire sale disposal many feared. It was studied internationally as a model for how a state asset management vehicle can be structured and governed effectively. NAMA staff and management should be commended on that. There is an aspect of NAMA's legacy that rarely gets the credit it deserves, namely, what it did for Ireland's reputation internationally. In 2010, we were a country the international markets had effectively written off. The interest rates being demanded on our sovereign debt were excessive.”
“By managing the disposal of assets in an orderly, phased way rather than dumping them on the market simultaneously, NAMA helped prevent the kind of catastrophic price collapse a disorderly liquidation would have caused. That discipline and patience protected the value of assets held not just by NAMA but across the entire economy. NAMA also became, perhaps unexpectedly, one of the most significant funders of residential construction in Ireland during the recovery period. It funded the delivery of tens of thousands of homes, contributed directly to social and affordable housing through local authorities and approved housing bodies and helped unlock development on key strategic sites around the country. This is a substantial part of NAMA's legacy that deserves recognition, particularly in the context of the ongoing housing challenges.”
“Let us review what NAMA achieved, because the numbers are remarkable and deserve to be stated clearly. NAMA acquired loans with the nominal value of approximately €74 billion. It paid about €32 billion for those loans, which was a discount reflecting their distressed nature. Over its lifetime, it generated a surplus income for the State of over €4 billion. An agency created in the depths of a financial crisis to manage what were essentially the worst excesses of the Irish property and banking sectors turned a profit of over €4 billion for the taxpayer. That was not the expectation of many commentators in 2010. It was not even the central expectation of many supporters of the agency. It is an extraordinary outcome. NAMA's contribution was not only financial. It played a crucial role in stabilising the property market.”
“The question facing the Government of the day was stark. Should it let the banks collapse, should it nationalise everything outright or should it create a mechanism to extract the toxic assets from the balance sheets, allow the banks to stabilise and manage the recovery of those assets over time in a way that maximised returns to the taxpayer? The decision was to create NAMA. It was not a popular one. It was deeply controversial from the moment it was announced. There were legitimate questions raised in Dáil Éireann and across the country about the haircuts applied to the loans, transparency, who was benefiting and who was bearing the cost. I do not dismiss those questions. Many of them were asked in good faith and deserved serious answers, but the judgment of time has been clear that the decision to establish NAMA was the correct one.”
“I will use my time today to review that journey clearly, to acknowledge the scale of what was achieved, to be honest about the controversy that surrounded it and to say something about why the transfer of remaining functions to the NTMA is the right and appropriate conclusion. To understand NAMA's achievement we have to go back to where we were in 2009 and 2010. The global economy was in free-fall. The property market had collapsed with catastrophic force. Our financial system was sitting on tens of billions of euro in loans that were worth a fraction of what they had been written at. The guarantee of 2008 had bought some time but that time alone was not going to fix the fundamental problem of a banking system paralysed by bad debt, unable to function, unable to lend and unable to support the real economy.”
“I welcome this Bill and am glad to have the opportunity to speak on it today. The dissolution of the National Asset Management Agency is not just an administrative tidying up exercise. I would very much argue that it is a significant milestone in Ireland's post-crisis economic journey. It is a moment that deserves to be acknowledged and understood and not just processed quietly through this House. NAMA was born in crisis. It is ending in recovery. That arc from emergency to resolution is a demonstration of this State's capacity to make hard decisions, to see them through and come out the other side.”
“There have been some significant developments in recent days around the conflict in Ukraine, including a temporary ceasefire and comments from the Russian President about a willingness to enter into dialogue. We have also recently seen an EU member state hold an election, the outcome of which might signify an easing of its stance towards the bloc's enlargement. Will the Taoiseach provide an update on where we stand with Ukraine’s membership application?”
“There is an expectation that the agreement on the MFF will be reached before the end of 2026. Ireland effectively carries the responsibility for delivering one of the most complex and contested negotiations in recent EU history within that six-month term. These negotiations involve deeply-held national interests across 27 different member states. There are significant disagreements on spending priorities. Overall, there is a total budget of approximately €2 trillion. Does the Minister believe that agreement is genuinely achievable within that timeframe? What commitment can he give that Ireland will do everything in its power to deliver a deal, given the significant reputational dividend that success would bring for Ireland within the EU?”
“During our Presidency, Ireland will chair and oversee the MFF negotiations, and will do this while simultaneously facing a reduction in our own allocations under the new framework due to our continued economic growth. I am not saying that is a bad thing. In one sense, we are in an advantageous position as we get to set the agenda and we are present at every negotiation. However, given the expectation that we act as impartial chair, does the Minister accept that this could work against us when it comes to pursuing our own fiscal interests? If so, how does he intend to manage that?”
“I am seeking an update on the Department's preparations for Ireland's EU Council Presidency and, in particular, how the Minister intends to approach the negotiations on the next multi-annual financial framework, which Ireland will chair. Can the Minister advise how he intends to safeguard Ireland's fiscal interest in these negotiations?”
“There is another dimension to this. Ireland's position as a major ETF hub in Europe is something we should rightly be very proud of, but there is a contradiction at the heart of that success. Ireland is one of the best places in the world in which to manage and distribute ETFs but one of the most difficult places in Europe for an Irish resident to actually invest in them. Foreign investors in Irish-domiciled ETFs enjoy growth with no deemed disposal obligation, while Irish investors investing in the same products do not. Does the Minister acknowledge that this anomaly undermines or may erode our reputation as a well-functioning financial centre?”
“I agree that there are complexities but does the Minister in turn agree there is a very strong case for removing the rule in the near term, not just because it is part of the programme for Government but also because it is the fair thing to do for Irish savers?”
“I too thank the Tánaiste for his clear answer. The core issue here is one of fairness within our own tax system. An investor in individual shares pays capital gains tax at 33% and then only when they eventually sell those shares. However, an investor who chooses a diversified ETF, which is arguably the more prudent investment choice for an ordinary saver, pays a higher rate on the gains they have not yet realised. As was mentioned, they also cannot offset their losses in these, and they face a tax settlement every eight years, regardless of their intentions regarding the underlying ETF. This creates a disparity that is very hard to justify. I appreciate that the Minister gave a detailed explanation as to how this came about by way of trying to justify it.”
“My question is very similar. It relates to the so-called "deemed disposal" tax on ETFs, which requires Irish investors to pay gains every eight years, even where no sale takes place. The programme for Government has committed to an implementation plan to address this anomaly. Like Deputy Boland, I wonder if we could get an update on the details of this and the current timeline.”
“Given the magnitude and importance of corporation tax receipts to our public finances, how has the Tánaiste considered the significant risk to Ireland’s reputation as a competitive tax jurisdiction if this change to our tax appeals process is progressed?”
“The Tánaiste might appreciate that there is potentially a significant and expensive unintended consequence of this. As he is fully aware, Ireland’s attractiveness as a location for multinational investment depends significantly on our tax policy, particularly the certainty and fairness we apply to taxation matters. The Tánaiste may be aware that a risk review of 20 EU member states showed that all provided rights to private tax appeal hearings. The changes proposed in Ireland would leave us very much exposed as an outlier. For multinational companies weighing up where to invest, the confidentiality of their business affairs and tax proceedings matters greatly. A system that risks public exposure for disputing a Revenue assessment is unlikely to be viewed favourably by these multinationals.”
“The Tánaiste will appreciate that the right to challenge a Revenue assessment is a fundamental protection for every taxpayer, but this right has little value if exercising it carries an unacceptable personal or commercial cost. If public exposure alone is enough to deter a taxpayer from pursuing a legitimate appeal, we risk undermining the entire system. It is worth noting that 20% of determinations of the Tax Appeals Commission were found in favour of the appellant. Those taxpayers were of course correct to appeal. Under the proposed change, they would likely forgo their right to do so. Is the Tánaiste able to confirm whether the Department plans to carry out any assessment of the impact of these changes on taxpayers’ rights before this is progressed further?”
“My question concerns the proposed changes to hearings of the Tax Appeals Commission, particularly the removal of the taxpayers' automatic right to a private hearing. It will instead become a matter of discretion for the commissioner. Is the Tánaiste concerned that this change will deter taxpayers from exercising their right to appeal a Revenue assessment?”
“The Middle East conflict is having wide-ranging repercussions. Two of these impact directly on Ukraine's ability to defend itself. The first is that Russia was selling Urals oil at approximately $40 dollar in the past few months, towards the end of last year. This price has obviously risen substantially since the outbreak of the conflict in the Middle East. There are two reasons behind this: the rise in global oil prices and the US sanctions waiver that is now allowing India to purchase Russian oil. It is estimated that Russia takes in about $370 million per day from oil. President Zelenskyy has said that this rise in oil prices and Russia's ability to now sell to India is worth approximately $10 billion to the Russian war effort in Ukraine. What discussions is the Taoiseach having at EU level on this matter?”
“I appreciate the Minister of State's and the Department's proactive interaction with the insurance industry. Will he confirm whether his Department's engagements with the insurance industry have included discussions about the role insurers could play in preventing future flooding? In particular, has he explored the possibility of insurance companies contributing in some way to resilience measures such as funding local flood prevention works, supporting community level defences, or even co-operating on schemes that reduce the risks for households and businesses to prevent reoccurrence?”
“I thank the Minister of State. As more claims are processed, households now fear that making a valid flood claim could lead to exclusion from further insurance cover or sharp premium hikes, which compound their vulnerability to future weather events. I met many of these households and families over the last few days and weeks in Dublin Rathdown, which was particularly hit by the recent Storm Chandra. These families understand the sector's challenges, but they need protection against being priced out or dropped entirely. Will the Minister of State confirm specifically whether his engagement with insurers includes commitments to prevent households from being excluded from future policies due to a single flood claim? Will any measures or guidelines be introduced to safeguard their ongoing insurability?”
“Has any engagement by the Department occurred with the insurance sector following recent severe weather events, including both Storm Bram and Storm Chandra? These storms have caused real damage and anxiety for many households that are now trying to cope with the aftermath. Could the Minister of State outline what specific engagement has taken place to date and how the insurance sector is responding to these interactions?”
“I have pressed the Tánaiste on this before, as I have done his predecessor. I reiterate the fact that asset values are rising and have been steadily rising over many years. This applies particularly to the family home. At the same time, families are smaller and, as my colleagues are saying, it is not always a direct inheritance from a parent to child. Sometimes, it goes elsewhere in the family or even outside the family. In light of the fact that prices and incomes are rising, I stress that there is absolutely no inflationary-based response in the thresholds. I seek the Tánaiste's commitment that he will address this and look to reform the inheritance tax categories in budget 2027.”
“While not directly included in the action plan, I have a question about the Central Bank (Amendment) Bill 2025, particularly the right-to-be-forgotten provision for cancer survivors seeking mortgage protection insurance, as alluded to by the Minister of State. Will he confirm that mortgage providers will embrace that provision? Has there been any dialogue, input or feedback from them in this regard?”
“The action plan was pledged as the answer to years of rising premiums and uncertainty for households and businesses. However, as I am sure he acknowledges, my colleagues and I continue to hear from people who have not yet seen any meaningful reduction in their insurance costs despite the reforms that have been announced. Will he set out how the Department is tracking the implementation of the reforms and measuring the impact they are having in practice on insurance customers?”
“I seek an update on the Government's action plan on insurance reform. This issue continues to be raised with many of us by households, community groups and business still facing very high premiums and, in some cases, finding it difficult to get cover at all. I would like to know where the action plan currently stands, what progress has been made to date and, in particular, whether the priority actions identified within the plan are being implemented.”
“Individuals who are childless, by choice or otherwise, now make up nearly one in five adults but are effectively penalised under the current capital acquisitions tax regime. Without children to access the larger group A threshold, they are relegated to the much lower group B limit of €40,000 applicable for siblings, nieces and nephews, or even just the €20,000 under group C for all other cases. This means a third of the substantial value of an inheritance, which is often a family home, is paid out in tax liability. The Minister will appreciate this creates a profound unfairness for the 18% of people who are childless when it comes to inheritance. Will the Minister commit to keeping those reliant on group B and group C thresholds under active consideration when devising any changes to inheritance tax policy in next year's budget?”
“Has any serious consideration been given to linking future thresholds dynamically to the official house price index for greater fairness?”
“Inflation has risen sharply in recent years. Nowhere is this more evident than in urban areas, particularly in Dublin. The median house price in the capital now stands well above the €400,000 group A CAT threshold, yet there has been no recent adjustment to this threshold to reflect this mismatch between asset value and tax policy. This discrepancy often results in a difficult outcome where an individual inheriting a family home from a parent suddenly faces a significant tax liability. This often forces people to either remortgage a property or liquidate it in order to discharge that debt. Has the Department conducted any detailed modelling on the cost to the Exchequer of increasing the group A threshold?”
“This is my first Dáil engagement with the Tánaiste in his position as Minister of Finance. I take this opportunity to wish him all the best in that role. I look forward to working with him in his capacity as Minister into the future. What, if any, plans does the Tánaiste have in place to examine either the rates of capital acquisition tax or the relief thresholds for gifting or inheriting?”
“Independence, however, means the Department cannot predict or control when needed costs will arise, or indeed their magnitude. These are statutory obligations that must be honoured. They are laid out under the Commissions of Investigation Act and backed by resolutions of this House. Failure to fund these costs would undermine our system of inquiries. I believe supporting these Supplementary Estimates is essential to uphold the integrity of our investigative process, ensure the State meets its legal commitments and to maintaining public confidence and the administration of justice.”
“These sums reflect assessments made independently and the Government must meet these costs in full. Additionally, a technical adjustment of €1,000 is sought for Vote 6, the Office of the Chief State Solicitor. I am satisfied that this technical provision allows that office to work with its budget lines to effectively manage surpluses and deficits. The Department of the Taoiseach plays a critical role in supporting the Taoiseach and the Government. It ensures co-ordinated Government activity, delivers impartial policy advice and oversees tribunals and commissions of investigation. It provides transparency and accountability, which are vital to maintaining public trust. Equally important is that these tribunals and commissions function independently of Government, to preserve their integrity and their credibility.”
“I appreciate the opportunity to speak on the Supplementary Estimates before the House today for the Department of Taoiseach and the Office of the Chief State Solicitor. I understand that these proposals are not about allocating new funds for fresh initiatives or discretionary spending. Instead, they represent essential expenditures that arise from legal obligations. These obligations come from decisions taken by independent bodies that operate beyond the direct control or influence of the Government. Specifically, the Supplementary Estimate for Vote 2 amounts to just shy of €3.4 million and is required to reimburse the National Treasury Management Agency for third party costs arising from tribunals of inquiry and the NAMA commission of investigation.”
“It recognises that services must reflect how men actually seek help, and that the pathway must be simple, affordable and free from stigma. We also know that community-based initiatives work. Initiatives such as men's sheds, On Feirm Ground and Engage have proven their ability to reach those who might otherwise remain isolated. Time and again, we see that connection is the first step towards recovery. Investing in men's mental health is not just about reducing suicide rates. It is also about restoring hope, rebuilding confidence, and ensuring that men of all ages feel seen, supported and valued.”
“The report entitled "The Real Face of Men's Health", published by Movember earlier this year, makes it clear that mental health remains a most urgent and worrying issue. GPs across Irish are telling us the same story of stigma, silence, time pressure, and of a continuing reluctance among men to seek help. Ninety-seven percent of GPs said they had seen male patients in suicidal distress last year, most between the ages of 18 and 51, yet only a small fraction feel they have the full training or capacity to respond as they would wish. That is why the new €2 million initiative providing 15,000 free counselling sessions for men is such an important and timely step forward. Delivered through trusted partners like Connect Counselling and MyMind and accessed directly through GPs, it means men can reach support earlier, before a crisis escalates.”