Paul Bradford (Fine Gael)

I welcome the Minister of State back to the House and the legislation, which I appreciate is brief in nature. It is also important for Coillte's long-term planning. I am reminded of the line from the poem we learned in school, "Cad a dhéanaimid fasta gan adhmad". If this Bill and its intentions come fully to fruition, the poem need not be on the curriculum any longer.

We have had interesting discussions, as the Minister of State is aware, in this House, the Lower House and in political life over the past number of months on the state of our economy and the need for a stimulus plan to generate jobs. This leads to the Copenhagen summit and the question of climate change, as the environment is very much back on top of the political agenda. This legislation provides for the long-term future of a company that in regard to both the environment and the economy can provide us with a win-win solution. The statistics have been given and there is no need to go over them.

Since the inception of Coillte in 1988 it has been very successful, although there have been concerns, worries and some problems in recent years about planting targets. This was particularly relevant to farmers intending to invest in forestry. There have been disappointments concerning the reduction in forestry premia and the difficulty in resolving the payment of establishment grants. If our targets are to be met, we must ensure forestry can continue with farmers and landowners in mind, as it should be seen as a genuinely long-term source of income. It must be a solid and sound alternative farming enterprise.

As a country our proportion of land under forestry is still very low by European standards. To the best of my knowledge we are, to put it mildly, struggling to meet forestry targets. Any further assistance, drive and enthusiasm provided through Coillte must be welcomed.

The purpose of the Bill is to provide borrowing capability and flexibility. I accept what the Minister of State said and we have all been discussing the state of the economy so frequently here that when we provide for any organ of the State or semi-State bodies to be in a position to borrow further, we must ensure there are very firm guidelines and rules in place. It is taxpayers' money that is always at risk. We may have one or two questions on Committee Stage regarding the formula which is presented, and the aspect of temporary borrowing in particular. That concept must be kept to the fore of our deliberations and we must ensure the temporary borrowings are transparent. There should be a strong illustration of these in the annual reports and no relevant financial facts should be covered.

I accept fully the need for the legislation and I am sure my party strongly supported the legislation in the Lower House. We see the strong role that Coillte has and, I hope, can continue to play into the future. The Minister of State and some of his Government colleagues will be aware of the broader Fine Gael proposal on the future of the economy. We made a suggestion through our spokesperson in the other House, Deputy Coveney, that Bord na Móna and Coillte be amalgamated, which is part of our alternative economic strategy, NewERA. We see strong possibilities of a tie-in between Coillte and Bord na Móna from an energy and environmental perspective, particularly as it deals with renewable energy.

The Minister of State briefly mentioned the role of Coillte with wind farms, which is a very exciting departure. We must recognise that we are so dependent on fossil fuels and foreign imports that we must make serious strides at the end of the first decade of the new millennium to become independent in that way. Coillte has a major role to play with our forestry, and it can help in wind generation and using our seas to generate energy. We should put that on the agenda and as a result of the financial facilities afforded to Coillte by this Bill, progress will be made.

I have one or two questions to pose on Committee Stage and there may be one or two items to formally pursue by way of amendment. Everybody in this House supports the concept of further strengthening and developing the Coillte concept, management of our forestries and the further growth - excuse the pun - of forestry potential. Much has been done but there is more to do. We look forward to the Bill being enacted allowing Coillte make further strides in future.