David Norris (Independent)

I had not anticipated being the first speaker from the Independent group and I am certainly not the most qualified. I have some observations to make with an unusual degree of humility because I recognise my lack of expertise in this matter. I also recognise the expertise of the Minister of State in this area. However, I have some questions to ask about this legislation. As I entered the Chamber, I think I heard my distinguished colleague, Senator Hanafin, refer to the question of hedge funds. I raised this matter on the Order of Business, as did Senator Hanafin who backed up what I said. The Minister of State might be in a position to give some view on this. On the radio this morning, Mr. Brendan Keenan alleged that one of the difficulties in terms of fiscal policy for the Government was that London-based hedge funds were gambling extensively against the Irish currency. This is a particularly nasty practice so we should examine the operation of hedge funds and their ethical background. I welcome the fact that, within the past year, both archbishops of Dublin spoke on the ethics of international financial dealings. Although I am not in any sense an expert in this area, I asked a friend of mine, who is something of an expert, what was a hedge fund and he said it was basically somebody betting on failure, like betting on a football team to lose. It has been noted scientifically that the establishment of an experiment, including the process of observation and calculation, can have a damaging and detrimental effect.

Putting hedge funds aside, however, I wish to raise another question arising from that radio programme, which a large proportion of people would have heard. Mr. Keenan, who writes on these matters for the Independent Group and is usually fairly balanced, said there was not a single person in the Department of Finance who had any economic qualifications. I wonder if this could possibly be true.