Arthur Morgan (Louth, Sinn Fein)

To return to the legislation under consideration, Members are aware this is a transitional measure because section 2 ties it down to December 2015. Consequently, I accept that to this degree, it is guaranteed to be transitional. Moreover, it undoubtedly will help to consolidate and retain jobs and hopefully will create new jobs. While all that is highly welcome, it is exceptionally important to ensure that proper accounting standards are maintained. I share the concerns expressed by Deputy English in particular and without going over that territory again, I look forward to the Minister of State's summing up in this regard. Some measures in the Bill, such as the publishing of share purchases, are tied down in the legislation, which is to be welcomed. Members have witnessed how other institutions in the State conducted their business in respect of shares and the example of Anglo Irish Bank comes to mind immediately. However, this measure is open and transparent in this regard, which I welcome greatly.

A number of speakers referred to their reservations regarding the Minister's powers. I do not refer to the Minister of State in particular but it seems to be open season for all Ministers to retain substantial power to make whatever regulations they wish, almost as they go along. While the Minister's contribution referred to flexible and agile company law, what is needed is a flexible and agile parliament. What is needed is an Oireachtas that can respond quickly to a Minister who wishes to introduce regulations before the Houses to have them discussed quickly in a flexible, agile and efficient manner. Were the business of the House to be carried out in that fashion, it would be much more accountable to the people of the State. Somewhere along the line, the Government should make up its mind to ease back on its current practice of simply giving a Minister the power to introduce almost any regulation he or she wishes. I look forward to change in this regard.

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