Martin Cullen (Waterford, Fianna Fail)

The Senator is right in that in some respects it is a statement by Ireland of a commitment to this company and its work. On Second Stage I said that Ireland won this responsibility and registry despite tough competition from other countries, particularly Singapore and Canada. It was a tribute to all involved that we won the contract to locate this company here.

The 20% shareholding is a gesture on behalf of the Government. As the Senator says, €40,000 is a small sum but given the market indications and the comments of other companies, it will be self-financing. There is no doubt about that. An assistant secretary in my Department is a director of the company on behalf of the Government. We are under no obligation to provide extra funding. This is a gesture to establish the company and demonstrate our intent for the future.