Noel Ahern (Dublin North West, Fianna Fail)

I understand the Senator's concerns but cannot accept the amendment. Under section 25, the authority must receive the consent of the Ministers for Transport and Finance before establishing any subsidiary. Such consent would not be given lightly. Both Ministers would have to be satisfied there were real and substantial reasons for establishing a subsidiary. Also, the Department of Finance's code of practice for the governance of State bodies sets down clear requirements as to the information needed before a decision is made on a proposal to establish a subsidiary. This includes a requirement for a full business case and a range of financial information. The corporate governance permissions of the code apply to subsidiaries in the same way as to parent bodies with the same accountability. Any subsidiary must be established under and comply with the Companies Act. There is ample scope under section 41 for the Committee of Public Accounts, or any other Oireachtas committee, to raise concerns with the authority regarding establishment or the continuing in operation of any of its subsidiaries.