Finian McGrath (Dublin North Central, Independent)

-----and developing Ireland as a hub for conflict resolution, peace and reconciliation. I take the Chair's point regarding the details of the legislation.

The Patents (Amendment) Bill allows for the ratification of the London agreement on the application of Article 65 of the European Patent Convention. This agreement is a technical addition to the EPC, whose effect is likely to reduce translation costs for patents in Europe. This will mean that European inventors who seek patents in Ireland will not have to translate the detailed specifications of a patent if they are already in another of the official languages, French or German. In a wider international dimension the London agreement will help Irish inventors who seek patents in other signatory states because a detailed patent specification drafted in English will not have to be translated further. That is what the debate is about.

The Bill makes Ireland a party to the London agreement, which I welcome. It also seeks to reduce translation costs for patents in Ireland and Europe, a very positive and constructive step. It amends the Patents Act 1992 which is the principal Irish Act relating to payments.

This is the core issue. I return to the idea of developing new ideas and patents as a means of job creation. This is very important. The austerity programme imposed here during the past four years has taken in the region of €20.6 billion from our economy. This plan is working only to the degree that it is doing what it was designed to do, namely, to recover losses incurred as a result of reckless lending by major Continental banks during the bubble years. It is not working in reference to any other criteria. We need to be very focused on these issues. If people come along with new inventions or ideas on job creation and investment we must take them very seriously and support them. When a person comes up with an idea in this regard an imaginative way must be found to leverage investment into the economy to generate jobs and rebuild confidence. I appeal to the Minister on this point. For example, the residue of the National Pensions Reserve Fund, €5.3 billion as of July 2011, should serve as a first element. Private pension funds must also play a critical role in addressing the investment deficit. Prior to the recent market contraction the combined assets were estimated at €78 billion. I make that link because people constantly ask where we will find the money and the resources. There is an example.

I also have major broader concerns. I was strongly opposed to the so-called new pension levy for reasons that were reported widely elsewhere. It is projected to raise €1.9 billion over a four year period. This figure is based on a rate of 0.6% per annum which would become 2.4% of the value of each fund. If pension funds could be persuaded to increase the proportion of their assets which they invest in the domestic economy by 5% - more than double the value of the levy - this would generate upwards of €4 billion. Again, I am linking this into the debate on the Bill in the context of patenting and new ideas because I am of the view that it is very important.

People should be aware of what exactly constitutes a patent. There is a degree of confusion with regard to copyright and patents. A patent is an exclusive right based on invention and ownership. In effect, it represents a bargain between the state and the inventor whereby he or she is given a monopoly right over his or her invention for a set period in return for the disclosure of that invention. There are many young, talented individuals in this country and this was evident at the recent Young Scientist of the Year exhibition. It is sad that we are losing some of these people because, as a result of mass unemployment, they are being obliged to emigrate. It is important to highlight this issue and to fast-track ideas which will provide assistance to these people. The legislation will be helpful in that regard.

For an invention to qualify for a patent, it must be susceptible of industrial application and must be new and involve an inventive step. A patent is not to be confused with a trademark or with copyright. A trademark is a sign which is capable of being represented graphically - such as a company's brand logo - and which distinguishes the goods and services of one entity from another. Copyright describes rights given to authors and creators of certain works, such as books and music. It is very important to highlight the differences that exist in this regard.

Section 3 of the Bill provides for the repeal in its entirety of section 119A which was inserted into the Patents Act 1992 by means of the Patents (Amendment) Act 2006. Section 119A provides for the restoration of a patent where translations are not filed under section 119(6). Since the requirements under the latter are deleted, the provisions set down in this subsection are no longer applicable. It is important to refer to that matter.

I welcome the debate on the Bill, which has provided an opportunity for Members to put forward ideas. I have offered a few new ideas while also seeking to discuss the main issues relating to the legislation. We should not be afraid of being radical or of engaging in original thinking when it comes to job creation.

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