Paul Coghlan (Fine Gael)

I wish to be associated with the condolences expressed by Senator Twomey and others to the family of our late great President, Dr. Paddy Hillery. Everything that has been said about him is fitting and true. I also join other Senators in congratulating Senator Cannon and commiserating Senator O'Malley.

Senator Ross addressed an important issue in his contribution. The Supreme Court reached a unanimous decision which laid down the law on insider trading and the retention of price sensitive information. It would appear that the concept of corporate governance and the strictures of company law have been given the two fingers by certain leading players in Ireland's corporate life. The Director of Corporate Enforcement has referred to these matters and the fitness of individuals to hold corporate office but nobody has accepted responsibility or was fired by his or her board. I am not even aware of anybody who has been censured. The Irish Financial Services Regulatory Authority and the Stock Exchange should have something more precise to say on this subject. If standards and accountability are to mean anything, I strongly support the call made by Senator Ross for a debate in this House and I ask the Leader to arrange for the Minister of State at the Department of Enterprise, Trade and Employment with responsibility for trade and commerce, Deputy McGuinness, to set out the Government's view of the matter. It is not good enough that the courts have to lead given that we are supposed to be legislators. The lack of regulation has made a farce of this area.