Martin Cullen (Waterford, Fianna Fail)

I understand the Senator's point but do not agree because it is quite clear that all the main players will want to sign up to the convention. The main manufacturing countries, namely, the United States and European countries, will want to sign up. The major finance houses which will provide resources to the individual airlines to purchase aircraft will do so at a significant advantage in terms of financing arrangements. Those countries located outside of the convention will be at a significant disadvantage in terms of being able to buy and fund the purchase of aircraft. Even if they do so, they will pay a premium.

The real benefit is in continuing to ensure the passenger gets the best possible value in terms of ticket price by being able to fund airline purchase at as low a cost as possible without compromising integrity. Countries that opt out will be at a disadvantage. It will be very difficult for many of those airlines to compete because the financial base would be completely wrong.

Airlines that are party to the convention, whether Irish or otherwise, which go into countries that are not party will be covered by arrangements under the registry. That is the major protection on offer. I thank Senators for participating in this helpful and interesting debate. It is non-contentious legislation and good people have worked hard to win this internationally prestigious registry for Ireland. It enhances the basis of our financial systems and the esteem in which we are held internationally. This adds weight as we move forward. I thank Senators on all sides of the House for their support.