Energy regulation and HSBC disclosures
A Deputy seeks reform of the Commission for Energy Regulation and a full debate on revelations concerning HSBC and Revenue. The Minister offers no legislation on energy regulation and says the relevant finance issues can be raised with the Minister for Finance.
Is it the Minister's intention to introduce legislation or regulations to reform the operation of the Commission for Energy Regulation given its admitted failure to regulate the electricity market and its total failure to regulate home heating, both gas and electricity?
Recently, we saw the revelations of the International Consortium of Investigative Journalists on HSBC. There is grave disquiet in the House among all Deputies at the way in which the House has been informed about this matter since 2009 when it first became known to Revenue. In view in particular of the dearth of legislation, will the Government consider allowing the Minister for Finance to come to the House for a full-scale debate on HSBC, the ramifications of the 350 Irish account holders, the serious damage done to the State's revenues and what is being done currently? Will HSBC be prosecuted by the State? Are any professionals who aided and abetted massive tax evasion in this country being prosecuted?
Comment on this
Can we have a full-scale debate on this? The odd question has been asked, but a full debate is needed.
Comment on this
The Deputy, who is in the House much longer than I am, knows that the question of facilitating debates is a matter for the Whips which can be dealt with in that context. The Minister for Finance is frequently available to the House and the relevant committee and I am sure that an opportunity will be taken on an early occasion by Deputy Broughan or others to raise that issue with the Minister. I think there was a debate here earlier this morning with the Minister for Justice and Equality on precisely the issue Deputy Broughan raises. Certainly, if it is a matter that is amenable to debate, that can be arranged.
I have no particular proposal or intention to bring forward legislation on the regulator. I do not accept that the regulator is not doing the job it is there to do.
Comment on this
The reports are very critical. It is obviously not doing its job.
Comment on this
The broader question of energy prices generally in a liberalised environment is obviously a live issue, including a live political issue, and I have no problem debating that with the Deputy at some point in the future. I have no proposal to bring forward legislation.