Fergus O'Dowd (Louth, Fine Gael)

I am pleased to stand in for my colleague, the Minister of Jobs, Enterprise and Innovation, Deputy Richard Bruton, for the taking of Report and Final Stages of this Bill, which is compact and focused in nature and proposes a small number of changes to an existing company law measure. It is proposed in the interest of maintaining a dynamic and flexible operating environment for the commercial enterprises in question. I thank the Deputies for their support for the Bill.

This proposal can be viewed as an element of the Government's policy of stimulation and facilitation of foreign direct investment. Those companies with a presence in Ireland and availing of the US GAAP facility under the 2009 Act provide significant employment here which the current measure should help to consolidate with the possibility of future jobs being created particularly in the event of a pick up in the economic situation in export markets over the coming period. It is a facilitative measure which exemplifies the Government's practical and active approach to industrial promotion and stimulation of foreign direct investment. The extension of the timelines both in the US GAAP provision and in the scope to designate other internationally recognised accounting standards is a facilitative measure which tangibly illustrates the Government's practical and active approach to industrial promotion and the stimulation of foreign direct investment.

On behalf of the Minister, Deputy Bruton, I express appreciation for the contributions of Deputies to the debate and for their manifest support for this proposal.

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