Noel Dempsey (Meath, Fianna Fail)

The proposed amendments are already fully catered for within the Bill. Provision for compliance by Ireland with the EU obligation, which currently stands at 90 days, is already provided for in section 32(1)(a), which provides that "The Agency shall maintain ... such oil stocks ... at — (a) a level sufficient to comply with the State's stockholding obligations". That provision also addresses amendment No. 70.

With regard to amendment No. 71, I am satisfied that section 33, which provides that NORA must obtain the approval of the Minister to hold stocks outside the State, adequately covers the amendment proposed by the Deputy. The Minister has the power to say that more stocks should be held on shore on this island at any stage as he or she deems prudent.

I know the issue is of concern to all. One of the long-term objectives of NORA is to increase the volume of NORA-owned stocks held in Ireland, having regard to storage availability here and value for money. We should approach this incrementally and NORA is currently pursuing a number of options in this regard. The objectives also require putting NORA on a sound financial footing.

With regard to our oil stocks, on 1 August we had 107 days of reserves and on 1 September we had an estimated 104 days of reserves. Of those stocks, NORA held 71 days of stocks. Some 40 days were wholly owned by NORA and 31 days were stock tickets. Of the total reserves, 66 days of NORA and industry stocks were held in Ireland. I accept the Deputies' concerns, but the amendments are unnecessary because they are fully catered for within the Bill as it stands.

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