Paschal Mooney (Fianna Fail)

In order to permit the Minister of State to give a comprehensive reply, I want to refer briefly to what has been alluded to in respect of the exemption limits. While I never disagree with my friend and colleague, Senator Leyden, I ask the Minister of State to consider the European norm – rather than the UK norm – in respect of this matter. Why must we always look to the UK regarding matters of this nature? The European Union limits are of the order of almost €7 million, whereas the UK limit is much lower and stands at approximately €4 million. If we are good Europeans, why can we not consider the European Union limit rather than that which applies in the UK?

I should perhaps have stated on the record – it is contained in my statement of interests – that I am a director of a small trading company. It is so small that, as a result of all this over-regulation, I have taken the advice of my accountant to delist it later this year. I am obliged to do so because I cannot possibly comply with the various regulations. There is a real chance that I could be accused of non-compliance. My accountant stated that, whereas heretofore he would have accepted the documentation I would have provided, he will now be obliged, on foot of these proposals and many of the provisions in the 2001 Act, to chase up every piece of paper.