Derek McDowell (Labour)

I agree with Senators Leyden and Coghlan. The Bill is important as it sets up an entirely new structure and facilitates cross investment and segregated liability. In essence, we have been asked to repose our trust in IFSRA to ensure that this new structure is properly regulated. I am happy enough to do that. The Houses cannot go any further than that. We cannot reasonably expect that regulations can be set out in detail in legislation.

Nonetheless, the message should be clear that we expect a balance. We have a duty to facilitate this industry as it brings much investment and employment into this country. However, we must safeguard our reputation as a well regulated environment for investment funds. I understand the difficulties which non-executive directors have with the directors' compliance statement. However, I take a slightly different view from Senator Coghlan as I believe it should at least serve as an amber light to directors to pay some attention to issues which they might not have done previously. I hope the Company Law Review Group does not prove to be a black hole from which it will never emerge. We may need to look at the detail of the statement of compliance, but some provision is appropriate and I hope the Minister of State has not just buried it. I am happy to support this Bill and I wish the Minister of State well in bringing it before the Dáil.