Michael Ahern (Cork East, Fianna Fail)

To understand my opposition to amendment No. 2 it is necessary for me to explain the more substantive changes I am introducing through the amendments being discussed as part of this grouping.

The combined effect of amendments Nos. 6, 8, 9 and 10 is to increase the total number of directors of the Irish Auditing and Accounting Supervisory Authority from 12 to 14. The two additional directors will be nominated by the accountancy bodies and the Law Society of Ireland. It will also raise the maximum permitted number of accountants in the supervisory authority from two to four and it requires designated bodies, as set out in section 6(2), to consult with each other when any one of them wishes to nominate an accountant for appointment to the board of the authority.

Amendment No. 3 to paragraph (f) arises from the recent establishment of the Irish Financial Services Regulatory Authority on a statutory basis and is therefore purely technical in nature. Amendments Nos. 23 and 25 also derive from this. The addition of the Law Society of Ireland to the list of designated bodies which are entitled to nominate a director to the supervisory authority, through amendment No. 6, is an acknowledgement of the contribution their nominee would be likely to make, in particular to ensuring disciplinary procedures operate in a fair and equitable manner.

Regarding Senator Quinn's suggestion about directors being put on the board, sub-committees will be set up and the supervisory authority will be allowed to bring in any number of accountants, directors and people of whatever expertise is deemed necessary for any exercise. There will accordingly be an opportunity to bring in expertise for particular occasions.