Seanad debates
Thursday, 7 May 2009
Companies (Amendment) Bill 2009: Second Stage (Resumed)
12:00 pm
Paul Coghlan (Fine Gael)
That is my intention. Page 18 of the document states:
The Bill addresses a number of discrete issues relating to the effective enforcement of company legislation.
It closes off the ability of banks to avoid reporting loans to directors made during the financial year, but otherwise cleared on reporting day. [That is very much to be welcomed]. The Bill will require all such transactions above a minimal level to be listed in the company's annual accounts, irrespective of whether any balance is outstanding. [That is also to be welcomed]. Loans to persons connected to directors are subject to a different regime. Instead of being individually listed, aggregate information on all such loans must be appended to the annual accounts.
Everything else in this measure is to be welcomed. I look forward to the Minister of State addressing the question I raised.
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