Michael Ahern (Cork East, Fianna Fail)

The provisions of the Bill are about facilitating business development and securing our competitive edge in key sectors where it has been developed. Where possible, we should ease the regulatory burden on businesses. That is already happening here where a flexible, responsive and business-focused regulatory system is developing. This is vitally important because, as has been stated, like all developed economies, our economy depends increasingly on services as it moves away from basic manufacturing to higher upscaled manufacturing and services. If we do not have a system which will allow people to be flexible and respond quickly to changes in the marketplace, we will lose out. I believe we will continue to be successful.

Since the Bill was approved by Government, a number of issues were raised which may require the introduction of amendments. I have asked my officials to consider those proposals over the summer months and to seek input where necessary from the Company Law Review Group, as most of the proposals are in the area of company law. Accordingly, I propose to introduce amendments on Committee Stage for those suggestions that are deemed to merit consideration by the Oireachtas.

I thank all Senators who contributed to this most useful and informative discussion. I hope I have clarified most of the points raised. It will be necessary to reflect on some issues between now and Committee Stage. I thank my officials for the excellent work they have done in preparing this legislation and for being so receptive to suggestions coming from many different quarters.