Paul Coghlan (Fine Gael)

I compliment the Minister of State and his officials on the manner in which they dealt with this Bill. Ireland is already a significant international jurisdiction for these funds. This legislation is necessary to allow Ireland to compete in this important marketplace. It provides much direct and indirect employment and we need the framework in place to allow it to grow and flourish. I welcome the Minister's action in referring some regulatory matters to the Company Law Review Group. Those matters which do not directly involve financial and accounting matters should not impinge on the daily business of people, especially those who are non-executive directors. If there are breaches of any particular law outside of the accounting area, the companies deserve to be prosecuted. Given his profession, I think the Minister of State has an appreciation of this fact. He has referred these issues to the group and hopefully they will be back before us in a desirable fashion.