Feargal Quinn (Independent)

The Minister of State pointed out that a future Minister is "empowered". The members listed include the Irish Business and Employers Federation, the ICTU, the Irish Association of Investment Managers, and the Irish Stock Exchange. Those I have highlighted include the Pensions Board, the Central Bank of Ireland, the Revenue Commissioners and the Director of Corporate Enforcement. It is heavily laden with State organisations, only one of which represents directors of companies. That is unbalanced. The Minister of State said that under section 24, the supervisory authority may delegate some or all its functions and powers to a committee established. It may delegate them but it does not have to do so. When they are so biased in favour of State organisations, which do not have to make a profit to survive, it may never get around to doing that.

The Minister of State's heart is in the right place but a future Minister may not have the same approach. Can we not make this change now to ensure a better balance than at present? Of nine bodies, only one is representative of directors. The imbalance is heavily against not only the private sector, but against those who have to make a profit to survive. The Minister of State should give serious thought to this matter.