Micheál Martin (Cork South Central, Fianna Fail)

I thank Senators for their comments and for facilitating the passage of this Bill. I regret the fact that there was such late notice given to the spokespersons about this. The Cabinet meeting was one day late this week and that delay caused some of the difficulty. We approved the decision to pass this legislation yesterday evening, which left little time to inform others. It is important that the Oireachtas is always taken seriously and the concerns of Members on the passage of legislation must be taken into account.

The local authorities have specific statutes in the legislative framework governing the disposal of their properties and that is a reserve function of the individual council members. All members of the Government have been made aware of this situation and any further impact will have to be assessed. It points to the need for on-going risk management processes of the property portfolio of the State and its agencies.

The question was asked if IDA Ireland is being too restrictive in the covenants that it applies. I support the view of IDA Ireland that we need to be patient on inward investment. We need clear ideas on where certain industries should be located. IDA Ireland has built up much expertise in this field and it has a sense of what is required for foreign direct investment and how it should be accommodated. The issue is to have key infrastructure available with all of the utilities in place. The danger is that people get impatient when the land and utilities are provided but are not being completely used within 12 months. I have met representatives of different chambers of commerce who have articulated this to me. The key infrastructure to bring in foreign direct investment could be inadvertently removed. We therefore need to be patient and work with the local authorities to develop the proper infrastructure.

In IDA Ireland industrial estates there is also room for indigenous manufacturing companies. However, this legislation does not preclude that debate. That can be continued in the debate on how IDA Ireland uses its land assets. The key issue is the protection of a State asset.

Senator White was correct when she stated that industrial development is vital to our economy, especially in the development of the regions. It is clear that the Senator believes in the self-reliant ethos. I have never tried to tell Deputies and Senators to get industries up and running themselves, but this is a new angle. Sometimes politicians promise to do all that they can, but this is a new way of looking at things which reverses the psychology of the situation. I was in Carlow and Kilkenny last week and I am was conscious of the employment issues there as I met with representatives of IDA Ireland. We have land solutions in the south east which would facilitate inward investment. I am sure that there will be better days ahead for Waterford and for the south east.

I will be travelling abroad with IDA Ireland on another mission to convince companies to invest in Ireland. We have had good success this year. Senator White referred to the missionaries and the zealots. The young generation of IDA Ireland executives in the US and across the globe are in that mould. It matters to them that they win investment for Ireland and it is a joy to watch them perform. In some of the meetings with CEOs, I could sense that they would like to have those people working for them. They are working in a very competitive environment, especially in regard to taxation and that is why corporation tax is so critical.

I thank all members of the Opposition for their responsible co-operation with this Bill. Prior to the enacting of this legislation, anyone could get a letter of intervention and we could do nothing about it. Senator Maurice Hayes described this dilemma well in his contribution. The Law Reform Commission noted it in 1989 and 1992 in a general sense and not specifically with regard to industrial land.

The OPW has assumed greater responsibilities with the broader State property portfolio. The State still needs to manage collectively its property portfolio in a more cohesive manner. As we have created a devolved structure in some Departments, we do not have a clear picture of what the State actually owns. For example, schools were often owned by the religious orders, but the State had an involvement with grants and so on. VECs and local authorities are devolved structures and what is policed by the centre can sometimes be construed as interference.

Táim buíoch do Seanadóir Ó Murchú as ucht an tachaíocht atá tugtha dó don reachtaíocht agus as ucht an méid a duairt sé maidir leis an reachtaíocht seo. In particular, I thank him for his comment that we have worked in a united way to intervene quickly to resolve an issue that protects the taxpayer and the State assets. I am glad that Senator Dooley did not wish to discuss the complexities of Shannon Development today. I accept gratefully his invitation not to do so. Perhaps we will engage with that issue on another day. This legislation also protects the asset base of Shannon Development and Udarás na Gaeltachta. I thank Members for their contributions to the debate.