Phil Hogan (Carlow-Kilkenny, Fine Gael)

Fine Gael will support the Investment Funds, Companies and Miscellaneous Provisions Bill 2005, which I welcome. The Title of the Bill is slightly distorting, because a large amount of material is subject to amendment in the course of this legislation. I imagine that the "miscellaneous" sections of the Bill are larger and far more detailed than the sections of the Bill which amend other legislation or implement EU directives about investment funds.

From a standing start in 1989, Ireland has become a significant international location for the domiciling and administration of international investment funds. It is now recognised as one of the leading international fund jurisdictions. I pay tribute to the work of the former Taoiseach, Mr. Haughey, and some astute people in the private financial services sector who saw the opportunity that was presented in the 1980s and ensured that Ireland developed in the way I have mentioned.

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