Dermot Ahern (Louth, Fianna Fail)

I can understand what the Deputy is saying but the original intention in the Bill was, because of the relevant period regarding business transactions, that the statute of limitations period would be six years. As the matter progressed and there was consultation with Departments and interested parties, it was felt that in the modern era of financial transactions a five-year period is the norm for the keeping of documents. It was done to align us with the vast majority of the requirements. Given that this is cross-border legislation it was important that we align ourselves to what is the norm among other member states. The directive indicates a period of five years as being the norm.

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