Seanad debates

Wednesday, 28 May 2003

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

 

10:30 am

Maurice Hayes (Independent)

I take the point made by Senator O'Toole. I know what it is like to be part of an investigatory body when a case comes up and one has to go back to the sponsoring bodies to seek funding. It is proper that the authority should not have to face such a situation.

With regard to the limit that the Minister may specify, does the Minister anticipate specifying a set limit or reviewing it year by year? Authorities such as the IASA are not meant to be savings banks. They should not be taking money from people. The Minister might specify a sum of €1 million or €2 million, but how would he decide? I find Senator O'Toole's justification of the authority otherwise acceptable.

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