Mr. Pat Houlihan:

I thank the Chairman for the invitation to return to the committee to expedite further consideration of this important EU proposal. We appeared before the committee at its meeting on 16 October to discuss these proposals. On that occasion a robust discussion took place on the proposals and one which indicated a high degree of interest and concern and all the characteristics and enthusiasm a civil servant likes to see in proposals that he or she is trying to move forward. We were very pleased with the nature of that discussion.

As these are extensive proposals it was agreed that we would meet again and go through the issues we did not get around to look at on the first occasion. We did not realise we would have our good colleagues from the Irish Auditing and Accounting Supervisory Authority, IAASA, with us, as we thought they would be provided for separately in terms of their presentation. We are delighted we have comfort and shelter of them. It may enhance the discussion in terms of questions for the Department and IAASA. I congratulate the people who devised the idea of having us together