Ivor Callely (Fianna Fail)

I welcome the Minister and thank her for giving us her time. I understand the Industrial Development Bill is of a technical nature and does not introduce any new policy direction or otherwise, so I welcome it. The Bill provides for the transfer of shares by an existing shareholder to a third party and it was deemed necessary that the legislation be introduced.

As the Minister said, the Bill also increases grants paid by the agencies to the industrial companies. Industrial incentives and grant aid have played a key role in the successful development of the economy and they continue to be a fundamental aspect in terms of encouraging entrepreneurs and enterprise.

The Bill also updates existing provisions on the powers of the IDA, Enterprise Ireland and Shannon Development to give the grants mentioned. The overall objective is to get more firms involved in research and development, an area on which we are focusing to avail of employment opportunities which might present.

There is also an extension of the designated areas in the BMW region. The Bill allows the Minister to increase the amount of money that can be given to Forfás and its agencies, which is welcome. There is nothing of concern in the Bill. As Senator John Paul Phelan indicated, it has been welcomed by the Opposition.

I take the opportunity to congratulate the Minister on her endeavours to encourage enterprise. Some of the measures introduced by the Government, in particular in recent months, emanate from the Minister's office. I wish her well with the end result.

Our country is experiencing a storm such as we have not experienced heretofore. We did not experience that in the past. Some of my colleagues said we have been through this previously but we have never been through a financial storm such as the one we are experiencing. I recall the words of the former United States President, Richard Nixon, who spoke about——