Jim O'Keeffe (Cork South West, Fine Gael)

There is a fine tradition in this House, which involves Members from all sides supporting whatever Government is in office when battling for foreign direct investment. That tradition has helped to bring many returns to the country and it is one I am glad to follow in the few comments I wish to make on this Bill. The word should go out from this House that we are supportive of foreign direct investment coming into the country, and continuing to come in great volumes if possible. Having said that, the Bill gives rise to some questions that need to be posed. We would not be doing our job as members of the Opposition if we did not allude to them. I only heard of this Bill just over a month ago. At the time, the draft Title given to me was the companies (transitional accounting standards) Bill. I tabled a question about it at the time and I got a rather cryptic response from the Minister saying it was proposed to bring in the Bill to allow the use of the US generally accepted accounting principle in the preparation of accounts for a specified category of companies for a limited period of time. That aroused my interest even further because it was a rather unusual approach. However, the Bill is now before the House. The Minister of State says another significant amendment is to be published, which appears to be substantive. To a degree we are taking the Minister of State at face value, in good faith. Such good faith might not be justified in other areas, but in this instance we have to accept to a degree the bona fides of the Government, despite the questions that exist.

In the event, I can only raise a few questions. I take it that there are specific corporations in mind. It is probably inappropriate to ask for the names, but we must accept the Minister of State's assurance that they are either here at the moment or on their way. I presume these are all solid institutions and as such should be welcomed. We shall have to take the Minister of State's word in that regard. Perhaps he might confirm that. He might also confirm that in making this change there will not be any loss of revenue to the Exchequer. Hopefully, it might be the reverse and result in some improvement in much-needed Exchequer resources.

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