Terry Leyden (Fianna Fail)

I thank the Tánaiste and the Minister of State, Deputy Michael Ahern, for attending the House, as well as their senior officials. I wish the PIAB chairperson, Dorothea Dowling, and all the board members every success with the PIAB. This is excellent legislation. It has tremendous potential for reducing insurance costs.

The Joint Committee on Enterprise and Small Business, of which I am a member and of which Deputy Cassidy is chairman, played a very important role in the presentation of all the facts and figures. Senator Coghlan, as a member of the committee, knows that we brought out a report this year, having worked on it during the summer months too. If a worthy contribution was ever made by Oireachtas Members and the Government working together, this Bill is it.

We are moving forward on the issue of the insurance industry and trying to reduce insurance costs. That is the Bill's objective. As the Tánaiste said, if it does not work within five years it will no longer exist. The Tánaiste made this Bill one of her priorities during this term of Government and she has done the country some service in bringing the Bill forward. As Tánaiste, she brought the Bill to the Cabinet in times which were difficult for raising the moneys necessary for bringing in such a new semi-State body, which represents a major commitment. This is a very worthwhile exercise. I thank the Cathaoirleach for his co-operation in moving this Bill through the House as quickly as possible and I wish it a speedy passage in the Lower House.

Senator Moylan brought one further matter to my attention.