Paschal Mooney (Fianna Fail)

I am speaking through the Chair, whom I thank, as always, for protecting me from the nefarious people who are constantly interrupting in the House.

I am trying to articulate a concern that has been expressed by accountants, particularly those operating in the small and medium-sized business area. I understand that a review group from the Minister's Department is looking at all the compliance regulations that have arisen as a result of the 2001 Act. This begs the question as to whether these initiatives, which I guess have been brought in for the noblest of purposes to ensure transparency and accountability, may also be knee-jerk reactions to all the bad news emerging from the various tribunals in this city.

Perhaps the Government feels that we need to be seen to be totally corruption-free and clean in the eyes of the international financial community. However, in achieving this, have we thrown the baby out with the bath water? It has been indicated already that accountants have been attending seminars in recent weeks to update themselves on all the new regulations. They are being told that foreign direct-investment companies are now looking at regimes with less regulation, such as those in England and Scotland, where they have more chance of being able to set up without all the red tape and bureaucracy that exists here.