Tobacco investment motion
Senator Swanick proposed taking a motion on State investment in tobacco companies before the main business and condemned public money being used to support the industry.
I propose an amendment to the Order of Business, that No. 29, non-Government motion No. 9, be taken without debate before No. 1. The motion pertains to the investment by the National Treasury Management Agency and the Ireland Strategic Investment Fund in equity holdings in three separate tobacco companies. Smoking is the leading cause of preventable deaths in this country. As Professor Luke Clancy said, it is unconscionable to think the State would invest taxpayers' money in the tobacco industry and contribute to its commercial viability. I formally wrote to the Minister for Finance over six weeks ago about this issue. Some 500 people have since died from smoking-related illnesses. I also have had constructive dialogue with non-governmental organisations such as the Royal College of Physicians in Ireland, Royal College of Surgeons in Ireland, the Irish Heart Foundation, the Irish Cancer Society and ASH Ireland. Smoking-related illnesses cost the health care system over €500 million a year, with up to 6,000 people dying because of them. It is estimated that there are 31,000 hospital admissions due to smoking-related diseases every year. Each admission costs €5,400, which comes to an approximate cost of €170 million per year. It is an important issue. I had prepared legislation in this regard. Unfortunately, because of the constitutional constraints on the House, I was unable to push that legislation. My colleague, Deputy Sean Fleming, will be taking up the issue in the Lower House.