Michael Ahern (Cork East, Fianna Fail)

As Senator O'Toole asked earlier if it is appropriate that people should have a privilege of limited liability. That is the question that must be considered when deciding whether to extend the audit exemption limit.

Confidence is vitally important to the continuing growth of the economy. If people did not have confidence in accounts and information being presented, it would have a more adverse effect on the growth of the economy than regulation.

The kernel of the first report of the company law review group was simplification. Even though new rules and regulations have been brought in, from my personal experience the information being provided now to people is far better than that provided 20 years ago when there was less regulation and compliance. If we do not have regulation and compliance, there will not be confidence in this area and the economy will suffer.

As Senator O'Toole outlined, we must get across the message in terms of what is contained in the Bill because there has not been exact reporting in that regard in some newspaper articles over the past few weeks. The Bill is not perfect but I reiterate that much of what was said here today will help us to produce a better Bill than that first published.