Timmy Dooley (Fianna Fail)

I join with my colleagues in welcoming the Minister to the House to debate this emergency legislation. It is welcome that such decisions are being taken and that a problem identified at an early stage can be addressed legislatively to ensure the State's best interests are protected.

Obviously, I am particularly interested in the Shannon Development aspect and would at first hand have recognised the importance of the property portfolio of the company. Its track record in building much of that property portfolio, its management and the maintenance of its availability to industry in the area has played a critical role in the development of the entire mid-west region. It must obviously be protected. There is an ongoing debate regarding Shannon Development and other State assets about whether it is necessary for the State to continue to own them. Might it be better for the State to focus on the formulation of policy rather than involving itself in the continued maintenance of an asset base? I feel it is important that the State continue to do so.

That is why it is important to protect those assets through this legislation and that the State remain able to provide the necessary facilities in an appropriate manner, not only for indigenous companies or some of the smaller enterprises of whose incubation and birth Senator White has spoken. It must also remain able to attract overseas investment and provide facilities for overseas companies to come to the region. The IDA carries out that function throughout the country. That debate is ongoing and, as Senator Maurice Hayes has said, for another day. I do not want to complicate or slow the legislation's passage this evening.

I support the Bill in the strongest possible terms, as I do the work of the IDA and Shannon Development. Their portfolio has continued to grow. They have carefully managed and maintained it, providing very good facilities to ensure job creation, growth and sustainability in the region. We are talking about a microcosm of economic activity, and the property associated with both the IDA and Shannon Development ensures that such growth and activity are fostered in a very progressive manner under the direction and ownership of the State. That has been greatly welcome, and although the economy has changed, it is just as relevant today owing to the changing demands and needs of industry. It is important that the State be there and able to respond by providing different types of facilities.

This point is particularly true regarding the technology parks Shannon Development is now developing. It has already done this very successfully in Tralee and Thurles, and is now developing one in Ennis. That takes care of future developments, particularly in the high-tech and knowledge-based sector, so that they are able to adapt in a way that ensures that facilities are available to attract companies, not only with grants but also with the necessary infrastructure.

At times it is often difficult to convince property owners to target a specific new area. They like to go with the blue chip clients and bank on that. For new developments, it is important that the State is to the fore in providing the facilities that are needed until private investment can take over and get the standard leases associated with blue chip companies.

I am sure we will have an opportunity to discuss the future of Shannon Development, but I do not want to complicate things today. I hope we get to do so before the end of this session.