Mick Wallace When it comes to International Law, the #EU shouts foul when it suits, and then at other times - #Iran #Venezuelahttps://t.co/nePzG6Oa2H
Mick Wallace The Mercosur Trade deal might be good for European manufacturing but it is bad for the #Environment, bad for food s… https://t.co/j0Al94zIG6
Mick Wallace The #US sanctions against #Venezuela are a form of war, designed to hurt the most vulnerable. Recognition of Guaido… https://t.co/vtQ8eHT8OQ
Mick Wallace Europe needs to stand up to #US #Israeli #Saudi aggression against #Iran - These countries have a problem with Ira… https://t.co/E6NsvAxGXL
To ask the Minister for Jobs, Enterprise and Innovation his views on the impact of multinational investment in Ireland in relation particularly to companies located here for tax purposes in view of the fact that, as observed in the latest Central Bank quarterly bulletin, while these types of companies have large balance sheets, their contribution to the local economy in terms of employment tends to be limited; and if he will make a statement on the matter. - Mick Wallace. For ORAL answer on Thursday, 26th April, 2012.   REPLY The latest Central Bank Quarterly Bulletin contains an article on the statisical implications of multinantional companies corporate structures. The decision of a multinational company to alter headuarters can have a very substantial impact on reported direct foreign investment. Its balance sheet, its lending activities to subsidaries and its corporate earnings of all affect the Irish balance of payments and the Irish recorded foreign assets. The author points to the limited usefulness of this direct investment data for analytical purposes as a result. The article indicates that this data shows Bermuda as a source of inward investment to Ireland and a focus for outward investment. There are three principal explanations for this feature of the data.   1. Firstly, Bermuda is an internationally recognised centre for the global insurance industry. Many of the world’s leading insurers and Reinsurance companies have operations there. As a result, IDA Ireland regularly visits Bermuda to engage with these companies to encourage them to establish a presence in Ireland to serve their European customers. This promotional activity by IDA has been very successful and several Bermudian Insurance companies now have substantive operations in Ireland (e.g. XL, Renaissance Re etc).   2. Secondly, in this context, the data in the Quarterly Bulletin captures, in part, the normal flow of investment capital from these Bermudian companies to their Irish operations and from their Irish operations back to Bermuda. This is a standard feature of International trade and of intra-corporate capital flows.   3. Finally, following increasing international scrutiny of corporate tax arrangements, several companies based in Bermuda, which has a 0% rate of Corporate tax, decided to redomicile and establish offices in jurisdictions that actually charge Corporate tax. A number of these companies selected Ireland for its transparent, internationally recognised and competitive 12.5% Corporate tax rate. Bermuda is recognised as a global centre for insurance.   IDA goes to Bermuda every year to encourage companies to set up offices in Ireland and has been successful in that many such companies have set up here in Ireland. IDA stressed that these are companies employing staff and not “brass plate” operations.

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Namaleaks is a project that seeks to uncover possible injustice and poor practice related to NAMA (National Asset Management Agency) and financial institutions in Ireland.


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