Frank is opposed to extending the franchise to emigrants. He believes that there should be no "representation without taxation". A nifty twist on the American revolutionaries slogan, but a poor definition of what citizenship is.
First of all, many emigrants do contribute to their home country's economy. When they return on visits they spend their money in their home country, paying VAT, etc. They often remit sums to family members, which are then spent in the home country (although I suspect this is much less important to the Irish economy than it was 40 or more years ago). Emigrants are also usually great ambassadors/salesmen for their home country.
However, citizenship is about more than taxation and money. Citizenship is tied to your national identity - who you are. Denying an emigrant a vote is nearly the same as denying him his national identity. For that reason, regardless of what party here is endorsing the concept, votes should be extended to all citizens wherever they reside. {NOTE: I doubt the Labour Party would be a big winner if votes were extended to emigrants. My experience is that the number of residents from rural Ireland is disproportionate to their relative population strength here and labour is not as strong in rural Ireland.}
As for Frank's assertion that emigrants don't have to live with the consequences, that's not entirely true. I'm an emigrant from the U.S. If I want to remain a citizen, I have to be willing to serve in the armed forces if called (gets more unlikely by the day). I have to abide by all the laws of the United States with regards to foreign travel (e.g. I cannot go to Cuba without explicit permission). There are taxation laws covering Americans living abroad. All of these laws have consequences for me. I live with those consequences as the price for remaining a citizen. I am entitled to vote in the US. I cannot see why Ireland should be any different.
Extending the vote to Irish emigrants would actually be more of an exercise in reaching out to that mass of ambassadors and letting them know that they're still valued. It can only foster more good feelings for their home country. There should be more for emigrants than the chance to cheer on the national football team every few years.