Michael Ahern (Cork East, Fianna Fail)

It is aimed at protecting the public. Deputy Fleming also asked about audits and the protection of minority shareholders. A total of 10% or more of a company's members can require that the company's accounts are audited. I do not know how the Revenue Commissioners will treat unaudited accounts but, from my experience of dealing with them, I am confident they have their own standards and procedures and will know whether the accounts presented represent a true and fair view and display the proper results.

Deputy Eamon Ryan commented on small and medium-sized enterprises and implied that Ireland depended on foreign direct investment and multinationals. Approximately 60% of companies in Ireland are small and medium-sized enterprises, in other words, enterprises with less than 50 employees, and the sector employs over 113,000 people. The gross national product projected for the coming year is approximately 5.5% to 6% and is greater than the gross domestic product, which reveals that indigenous companies are now making a greater contribution to employment and exports. In this light, it is important that our regulatory burden does not prevent our small and medium-sized enterprises from growing and developing and keeping our economy going forward.

Since this Bill was approved by the Government, a number of other issues have been raised with me which may require amendments to the Bill. Most of the proposals are in the area of company law. I will introduce amendments on Committee Stage for those proposals deemed to merit consideration by the Oireachtas.

The Investment Funds, Companies and Miscellaneous Provisions Act 2005 provided for the introduction of a new type of investment fund vehicle, the non-UCITS common contractual fund. Concern has now arisen in the funds industry regarding the availability of the protections of the Netting of Financial Contracts Act 1995, as amended, to the non-UCITS common contractual funds. My officials are examining the issue and, if necessary, I will table an amendment to the Netting of Financial Contracts Act on Committee Stage.

I thank all Deputies who contributed to this most useful and informative discussion. I hope I have clarified most, if not all, of the questions raised. A number of issues were raised on which we will reflect between now and Committee Stage.

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