Michael Ahern (Cork East, Fianna Fail)

Deputy Lynch highlighted the training of auditors who will only use information for one year. I would appreciate if the Deputy would contact my office to discuss the matter. She also highlighted directives which were not being transposed. In 2005, my Department transposed the prospectus and market abuse directives and also facilitated international accounting standards. In 2006, the takeover directive was dealt with and this Bill completes the suites of directives with the transparency directive. In addition, the Bill picks up on some points overlooked in the takeover directive and which needed to be tweaked. We are working our way through these directives very speedily and effectively.

Deputy Lynch also highlighted consumer issues and asked why we were introducing an amendment to appoint a person to the post of Director of Consumer Affairs for more than six months. The principal reason for making such an appointment is because it was considered that a competition, which is the normal procedure for appointing a director, would be impractical because it was intended to incorporate the Office of the Director of Consumer Affairs into the new national consumer agency. Deputy Hogan also asked this question. Deputy Lynch also asked when the national consumer agency would be established. It is expected the Bill will be published before the end of the year and that the agency will be statutorily established in early 2007.

Deputy Lynch also asked when the company law consolidation and reform Bill will be published. The company law reform group is preparing the heads of the Bill, which contains approximately 1,500 sections.

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