Seanad debates

Wednesday, 28 May 2003

Companies (Auditing and Accounting) Bill 2003: Committee Stage.

 

10:30 am

Photo of Feargal QuinnFeargal Quinn (Independent)

I do not want the Minister of State or Senator O'Toole to think I was suggesting that a lot of work had not been put into the Bill. I accept that Senator O'Toole has put a huge amount of work into it. However, last year the Taoiseach launched a consultation paper on better regulation and said all laws in the future should be subjected to a regulatory impact analysis. That criticism was levelled at us in 2000 by the OECD. The Government and the Taoiseach responded by saying that in future we would have a regulatory impact analysis. This is the most definitive regulatory Bill we have had since. The OECD criticised us because there was a danger that Ireland would become over-regulated. It seemed logical that when the State heard this criticism, it decided to do something about it by having a regulatory impact analysis in the future. However, that has not happened.

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