Noel Dempsey (Meath, Fianna Fail)

I am grateful for this opportunity to conclude the Second Stage discussion of the provisions of the National Oil Reserves Agency Bill. The Bill is one of a range of measures being pursued by the Government in order to develop the energy agenda. It provides NORA with the freedom to operate as a stand-alone agency, while at the same time reinforcing appropriate public policy and corporate governance standards. The Bill is primarily technical in nature, but it represents a significant milestone in providing Ireland with the best structure in ensuring robust security of national strategic oil stocks.

I thank the Minister of State, Deputy Michael Ahern, for taking the debate at the beginning of Second Stage. A number of the issues raised by Deputies in their contributions during this stage of the Bill are addressed in the explanatory memorandum and will be examined in detail on Committee Stage.

Deputy Durkan spoke of the need for planning on energy matters. I fully agree with him and this Bill represents one such example of better planning. It aims to place NORA on a solid financial footing through statutory borrowings and funding through the application of the variable levy.

Deputy Boyle commented on the importance of an oil stockholding agency. I am in agreement with him on this point and reiterate that the primary objectives of the Bill are concerned with ensuring the robustness of our national strategic stock holdings, ensuring that NORA has a sound financial footing, as well as enhancing appropriate corporate governance structures for the agency.

I agree with Deputy Cowley that energy policy requires strong emphasis on renewable energy. The Government is going in that direction and that will be even more apparent following the publication of the Green Paper next Sunday.

I thank Members from all sides for their very constructive input on Second Stage. I look forward to early consideration of the Bill on Committee Stage. I ask the members of the select committee to table any amendments as quickly as possible to allow them to be given full consideration by my officials and me. I will try to ensure that the Government's amendments are submitted as early as possible to allow full consideration of them.

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