Mr. Brendan Lenihan:

I must declare an interest at this point in that I bought and very much enjoyed Senator Quinn's book, the final chapter included. As someone who has been involved in industry, the Senator talks a great deal of sense.

I must inform Deputy Kyne that the 2003 Act introduced a new model. As I pointed out, that model is very different to those which obtain elsewhere. The then Minister of State, former Deputy Michael Ahern, gave a commitment that the issue would be considered and that a properly structured consultation process would take place. In fairness, the then Minister of State delivered in this regard. IAASA engaged in a consultation on the matter and recommended that it be addressed. It then went to the Company Law Review Group, which examined the position and endorsed the recommendation that it should be addressed. The 2003 Act introduced an entirely new structure and this has - albeit ten years later - been the subject of the consultation process to which I refer. At this point, the matter really ought to be addressed.

In the context of Deputy Áine Collins' question, there is a need to highlight to the Ministers for Jobs, Enterprise and Innovation and Public Expenditure and Reform, Deputies Bruton and Howlin, respectively, and their Departments the importance of implementing the measures immediately. If there is anything the committee can do to underline the urgency and necessity to make the relevant logistical arrangements to implement what is the correct international structure for us, I implore it to do that with us.