Eugene Regan (Fine Gael)

I welcome the introduction of this Bill. It provides for a streamlined system of arbitration in Ireland. The best practice in this respect is the United Nations Commission on International Trade Law - Model Law. It is important that it is incorporated unadulterated or modified to ensure we are seen to have legislation in this country which conforms with world standards and best practice and that Dublin can generate business as an arbitration centre.

I asked on the previous occasion whether the Minister could outline any initiatives the Government would take on foot of the passing of this Bill to promote Dublin as an arbitration centre. We have set a high standard in terms of the commercial court. Many multinationals operate in this business and many financial institutions are based in the IFSC. This Bill, when enacted, will play a fundamental part in providing an alternative resolution procedure to the courts and Dublin can play a big part in that. Perhaps the Minister of State will refer to that point in his concluding remarks.