Michael Ahern (Cork East, Fianna Fail)

While I understand the amendments tabled by Senator Quinn to add nominees from the Institute of Directors, Forfás, the Small Firms Association or the Irish Small and Medium Enterprises Association as designated bodies entitled to nominate directors to the supervisory authority in substitution for certain bodies set out in the Bill, I confirm to the Senator that arising from representations from various interested parties, I have already given consideration to these. I see such bodies as having the potential to contribute more to the authority's functions in relation to the review of accounts. As a result of amendment No. 24, which we will discuss later, the authority will be able to call upon any requisite external expertise in respect of that facet of its work. In addition, subsection (1) allows the Minister to prescribe additional bodies by regulation. Equally, the Minister can, under section 46, provide that a designated body ceases to be so designated. A Minister can make changes.

For the reasons I have already given in relation to the composition of the board, Senator Coghlan will understand that I am not prepared to accept his amendment No. 7 which would increase the accountancy representation beyond that which I have proposed.