Terry Leyden (Fianna Fail)

For example, the Opposition could introduce a Bill to establish a development corporation for the River Shannon, thereby creating many jobs. It would be worthwhile to research this policy area and to propose ideas for future development. The River Shannon is not being properly exploited.

We need to build on the fantastic success of the global funds sector. The Investment Funds, Companies and Miscellaneous Provisions Bill 2005 is further evidence of the continuing evolution of Ireland's legal and regulatory environment, in response to and anticipation of the needs and trends of the global funds industry. It will reinforce Ireland's position as a primary jurisdiction of choice for the domiciling of investment funds. This can be cited as proof of the continuing benefit of the unique partnership arrangements in Ireland, where the Government and the financial services regulator work with industry, without compromising their individual mandates, to ensure this country remains the location of choice for the international funds industry. The Bill will provide a legislative framework for an Irish authorised and regulated investment fund structure that will allow for the pooling of assets by institutional investors. That is to be welcomed because it will ensure that the services provided by the Irish financial industry are more streamlined and cost-effective for all concerned.

The funds industry is the largest employer in the financial sector, having achieved extraordinary growth since the early 1990s. The reputation of Dublin and Ireland as a major international centre for the administration and servicing of funds is at the core of the growth of the sector. It has been recognised internationally, since the foundation of the State, that Ireland can be trusted irrespective of the composition of its Government. International investors understand that Ireland is a safe, well-regulated and democratic country. It is invaluable, in the interests of investment in this country, that Ireland's reputation cannot be undermined by any shade of government.

The Dublin funds industry has recorded exceptional annual growth since its establishment in 1989. The level of growth in 2004 represented an increase of over 20% on the level in 2003. Dublin has an international reputation for excellence not only in its administration of Irish-domiciled funds, but also in its servicing of funds. There has been outstanding growth in the latter area — non-domiciled funds increased by 41% in 2004, which is phenomenal. Many promoters whose funds are domiciled in a jurisdiction other than Ireland are opting to have their funds administered in Dublin.

I welcome the proposed amendment of the Companies Acts to tackle the issues of market abuse and insider dealing. The proposal will increase standards for market integrity in the securities field throughout the EU. It is based on principles of transparency and equal treatment of market participants and will require closer co-operation and a higher degree of exchange of information between national competent authorities. The proposal will reduce potential inconsistencies, confusion and loopholes by establishing a basic framework for the allocation of responsibilities, enforcement and co-operation within the EU. It will boost investor confidence in our markets and help them to develop and grow.

Insider dealing is traditionally a white collar crime, but it is a crime nonetheless. Martha Stewart, who is a home-making icon in the United States, was recently convicted of insider trading. If we cannot trust Martha Stewart, who can we trust? That is why this Bill is so important.

Ireland's location within the EU, with close links to the US and Asia, is a major advantage. The prevalence here of the English language, which is the international language of commerce and computing, has greatly assisted the growth of the financial services sector in Ireland. The stability of our Government is fundamental. The current Fianna Fáil-Progressive Democrats Administration is an ideal match in that context. The circumstances were solid when Deputy Quinn was Minister for Finance during Fianna Fáil's period in government with the Labour Party. People were given great support by the coalition of that time. Any Government is safe as long as Fianna Fáil is the majority party in it.