Feargal Quinn (Independent)

Given that Bills, etc., are available in electronic form, it is sinful that we use such a huge amount of paper in this building. I am not sure what happens to it all, but I assume it goes somewhere.

For some years, investors have had the option of dematerialising their shares. No share certificates are issued to those who take up this option — everybody in the transaction relies on electronic forms and records to prove their ownership of shares. The system has been in operation for long enough to have proven itself fully. The provisions of the Bill mean we are preparing to move out of the transaction stage in which both systems exist side by side.

I welcome this measure because we need to move with the times if we are to benefit fully from the potential of new technology, which makes it possible for us to exist perfectly well without paper share certificates. We all know that old habits die hard and we do not find it easy to adjust to change. There is a tendency to continue with practices long after they have stopped serving any useful purpose. This provision is similar to changes which are being made in the conveyancing of houses and other real estate.

While this measure will not deliver the same level of cost savings to customers, it will lead to some worthwhile savings. It will also offer added convenience to share owners because it will make it impossible for them to lose, damage or destroy paper certificates by mistake. I imagine that many such certificates are lost in fires, for example. There was a fire in one of my offices 20 years ago. The damage was minimised, luckily enough, because we had a fireproof safe, but we had to search through a great deal of paperwork nevertheless. Share certificates can be lost and not found again. Apart from the fact that one may want to sell some of the shares, one has to change the share certificates because it does not cover the correct amount. Much of the legislation passed in the House is of a technical nature. Bills concerning financial measures are particularly rarefied. For a change, this Bill includes two down-to-earth provisions that will make people's lives easier and save money at the same time.

I recall a seanfhocal from my schooldays — éist le fuaim na habhann agus gheobhaidh tú breac; listen to the sound of the river and you'll get a trout. I congratulate the Minister of State. He has listened to the sound of the marketplace and the needs of small businesses and investors.