Billy Kelleher (Cork North Central, Fianna Fail)

-----it is a matter for Government to legislate. The director also confirmed that his proposals to seek amendment of certain provisions in Parts 2 and 3 of the Companies Act 1990, which form the main part of the Bill before the House, arose directly from a number of specific weaknesses in the current legislation. The latter were brought sharply into focus by current investigations and, in the view of the director, they require urgent attention in order not to hamper the ODCE's further investigative capacities. In light of this, it is intended to proceed as originally decided. As a result, we will be dealing with the matter in the context of the company law consolidation and reform Bill.

There is another issue of which we must be conscious. Senator O'Toole referred to limited liability. Such liability is a privilege which is afforded not only to directors but also to shareholders. Most directors are also shareholders. I was not present for the Committee Stage debate but appropriate regulation is required. If there is to be an increase in regulation to ensure that everything is acceptable, it must not be heavy regulation but rather appropriate regulation. Regardless of the importance of this House, I am of the view that Members may speak freely with regard to Enron because there is a good chance that said company would not be able to use what they might say to avoid prosecutions elsewhere. However, we must be sensitive in our comments on credit institutions in this State. As Senator O'Toole pointed out, these matters were discussed by society in general. However, we must be extremely careful when discussing specifics. Unfortunately, I cannot accept this amendment but Senator O'Toole appreciates we intend to bring forward mitigated proposals in the context of reform of company legislation.