Terry Leyden (Fianna Fail)

I also congratulate him on his award of an honorary doctorate of law from NUI, Galway. I had the honour to be present on this wonderful occasion and he received a wonderful citation. I also had the pleasure of being appointed Minister of State at the Department of Posts and Telegraphs when Senator Quinn was interim chairman of An Post. He modernised that organisation, making it more business-oriented. He has not only done the State some service, he has done it great service along with Michael Smurfit who was interim chairman of Telecom Éireann at the same time. It is good for the Oireachtas to have Members with such experience.

I welcome the Investment Funds, Companies and Miscellaneous Provisions Bill 2006. It is a technical Bill, one with which the Minister of State will have no difficulty because of his previous occupation. The raising of the audit exemption threshold arises from the Companies (Auditing and Accounting) Act 2003. Many points made then have been taken on board by the Minister of State. He now has a stronger hold on the commerce and trade side of the Department of Enterprise, Trade and Employment and he knows Ireland must be competitive with no barriers. He has a particular role with his brief as Minister of State with special responsibility for trade and commerce.

Was this legislation discussed prior to the report of the Small Business Forum? It is vital for the continuing development of our economy that enterprise and innovation is promoted. If there exists a situation where entrepreneurs face restrictions and expenses that their counterparts in the UK do not, then we must act quickly to remedy it, particularly as we share a border with the UK. Although we are working closer together since the Good Friday Agreement, there should be no restrictions between the role of both administrations in business matters.

Yesterday, it was reported that Exchequer returns were €880 million more than projected, an indicator of how the economy continues to boom. The Minister of State should not be shy in taking some credit for this as he has played an important role as trade Minister. The increase in Exchequer returns is due to the construction sector and domestic demand continues to be the key driver of the economy. Bord Bia reports that domestic growth was estimated to account for all GDP growth in 2005. This assessment is backed up by the Irish Exporters Association 2005 year-end review. It reported that Irish manufacturing industry marked time in 2005 with an increase of 2.5% in export output, only sufficient to match the inflation rate. This is not particularly good news but it is a wake-up call for the economy and the Government. I caution against resting on our laurels.

We must ensure the economy is one in which small businesses can flourish. The Bill is very much in keeping with the submissions made. The Minister of State proved to be listening in this regard. Since his appointment in 2002, he has gained much experience in this area. The Oireachtas Joint Committee on Enterprise and Small Business has assigned me to draw up a report on exports. I note the recent trade mission to Japan and China by the Minister for Enterprise, Trade and Employment, Deputy Martin. His opening of a trade office in China is to be welcomed. We must also bear in mind our links with Taiwan which has an economic mission in Ireland.

The Bill has been widely accepted by both sides of the House. Senator White's personal experience of industry is welcome as it brings a particular insight into legislation dealing with small companies. The cost of an audit for her company is €15,000 a year, a considerable amount of money. Without those costs, it would significantly reduce her company's overheads. The Bill will assist in this regard.

I wish the Minister of State continued success. Last year, I attended a trade mission in Milan and was delighted to see the work of Enterprise Ireland. It is wonderful that the work of the former trade board, Córas Tráchtála, continues through Enterprise Ireland. The contacts built up by Ireland Inc. have been worked on and the Minister of State has added to that by his personal attendance at these overseas events. Over the next 12 months, he may have to restrict his overseas ventures. I did not do so when I was a Minister of State, which I regretted in later elections.

The role of the Seanad is important in these trade exhibitions and the Minister of State should encourage spokespersons from the House to attend them. It is important trade missions are supported by the Oireachtas. The Minister of State has worked with the Oireachtas Joint Committee on Enterprise and Small Business, with the chairman attending trade missions in India and South Africa. A Senator on a trade mission to the US is very much appreciated. I am sure Senator Coghlan was delighted to be involved in such events. I thank the Minister of State for introducing such detailed legislation. I hope he has continued success in his Ministry and beyond that.