Seanad debates

Wednesday, 28 May 2003

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

 

The businesses I know and in which I am involved are competing with other companies not subject to this regulation because they are based outside the State. We are saying that, although we do not have any regulatory impact assessment, we will set up something which other countries in the world have not done or are not thinking of doing. That will hinder Irish companies competing with other companies. The Minister of State is wrong to do this. My amendment seeks to remove private companies from it. I am thinking of family businesses which start small, as Senator O'Toole said, and succeed. If they do not succeed and they stay small, it will not affect them. That means we are encouraging them to stay small, not thrive and grow.

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