Mary White (Fianna Fail)

Prompt payment is a huge issue. There is no doubt there is an economic and financial crisis and there are many impacts locally. Behind the headlines hundreds of companies are being deprived of prompt payment by major companies and in many cases by State and semi-State companies. I have received information from ISME that suppliers are waiting on average 68 days to get payment for the goods and services they provide and, in many cases, it is the State and semi-State companies that are at fault. It has never been the case that companies had to wait 68 days for payment. We introduced prompt payment legislation in 1997 and in 2002 the European Union introduced regulations to ensure payments were made within 30 days. Companies, however, are contracting out of the legislation and regulations. I call on the Tánaiste and Minister for Enterprise, Trade and Employment to introduce legislation to provide for mandatory payment of invoices by all companies, State, semi-State and private, within 30 days. If companies are deprived of cash flow and they are not paid for their services that adds to their day-to-day running costs.

I am a fan of Peter Mandelson in the United Kingdom. He was not too bad as Secretary of State for Northern Ireland.