Charlie O'Connor (Dublin South West, Fianna Fail)

People are working and the economic climate is good — even Deputy Jim O'Keeffe knows that. I will take him on some other day when I do not have a cold. It will be a long, hard 500 days and I am fit and well for the battle. I hope the Deputy can keep up with it.

Registration of ownership of land confirms and underpins the owner's right to use and enjoy it. It is necessary, for example, to demonstrate good title to sell or transfer land, whether the owner is trading up or whatever. That is important, irrespective or whether the owner is a private individual or a business enterprise.

Having good title to land allows an owner to make use of the assets to borrow funds, which, in the case of a company, may be needed to launch or expand a business enterprise or diversify into another area of commercial activity. In the case of private individuals remortgaging may be undertaken to extend the home or assist a family member in gaining a foothold on the property ladder. Looked at from that perspective, it is clear that effective land registration should have the capacity to contribute in a meaningful way to enterprise and economic activity.

Efficient registration systems, that is, those in which procedures are straightforward, delays are avoided and costs are kept to a minimum, also have the capacity to enhance national competitiveness by making the country a more attractive investment location within the international community. It is interesting that the World Bank again drew attention recently to the need for sound property registration systems as a means of improving the economic climate and enhancing business activity. The mains aim of the Bill is to restructure and modernise land registration structures in the State, update and streamline the law relating to registration deeds and reform the law relating to the registration of title to land.

The new property registration authority will be a statutory body with a representative board along the lines of the existing Courts Service. I am glad to note that the Minister's intention is that the composition of the new authority will bring stakeholder expertise to bear in the discharge of its functions. I understand that the new structure is intended to facilitate stakeholder involvement in the strategic management and modernisation of registry services, provide channels of knowledge and, indeed, feedback from the conveyancing and property sectors, leading to increased responsiveness to customer needs, which is very important, and ensuring quality customer services. It will make commercial and business expertise available to the new authority to ensure cost effectiveness in the provision of services. It is also intended to facilitate staff representation to ensure staff participation in the management of change within the new organisation, while increasing the visibility and profile of the property registration services.

While there will always be criticism of this business, it is good that we are modernising the system and dealing appropriately with the Registration of Deeds and Title Bill. I wish the Minister well in that regard and I look forward to supporting the Bill. I am happy to concede to my colleague, Deputy Fiona O'Malley.

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