Derek McDowell (Labour)

I welcome the Minister of State. As other speakers said, this Bill is a long time coming but it is welcome nonetheless. I listened with interest to the passionate defence by Senator O'Toole of what he obviously regards as his "baby" and I share much of his philosophical approach to this issue. He is clearly used to the process of partnership practised here for some years, whereby one talks issues out behind closed doors with interested parties. When a compromise is reached one then says: "That's it, take it or leave it. There will be no further talks on this." In those circumstances it must be inconvenient to have to put legislation through the processes of the Oireachtas and subject it to a Committee Stage debate. No doubt Senator O'Toole will come to terms with this on Committee Stage.

The Bill seeks to do different things which are complementary but distinctly different. It places the disciplinary procedures of the accountancy profession on a statutory basis, which is important. It puts the IAASA, which has been operating with an interim board, on a statutory footing and, as the Minister of State and other speakers indicated, deals with corporate governance.