John Deasy (Waterford, Fine Gael) | Oireachtas source

Obviously Bausch and Lomb is an IDA Ireland-backed company. The issue of the IDA and its contingent in Waterford has been spoken about much, particularly regarding its lack of results. I did a bit of checking recently. Before 1996, there was a regional IDA manager for the south east, based in Waterford. That position was moved to Cork then. At the time, plenty of people, including those in government, sounded a warning that this would have a detrimental and negative effect on Waterford city and county and the south east. When I did some digging, I found it interesting that when those warnings were sounded the then Minister for Enterprise and Employment who made that decision was in fact the Minister, Deputy Bruton.

Since then, those warnings have proved to be absolutely correct. The decision has led to an imbalance in foreign direct investment with most of it going to three particular locations, Cork, Dublin and Galway. Neither is there any argument about the deterioration of inward investment in Waterford since that 1996 decision. In February this year, it was decided to provide funding for 35 new personnel in the IDA. There needs, however, to be a restructuring in the organisation of senior managers in the south east. The situation that existed in 1996 when the Minister was in charge needs to be reinstated. What has occurred with Bausch and Lomb has happened ten times in Waterford over the past ten years. The Government needs to respond positively to this. There will be a change soon in personnel in the chief executive officer and chairman in the IDA. They, along with the Minister, need to take up these points seriously.