Billy Kelleher (Cork North Central, Fianna Fail)

I thank Senators for their support of these amendments. In answer to Senators John Paul Phelan, Feargal Quinn, Brendan Ryan and Ivor Callely, international reputation is critical. There has been financial turmoil in the international markets for some time and some countries have suffered reputational damage. I say this everywhere I go and particularly in the Houses of the Oireachtas when speaking on this Bill. Ireland's reputation in the context of funds management administration and the financial services centre in general did not suffer reputational damage because there is good governance, oversight and regulation and this is critical. This group of amendments will facilitate fund managers to consider Ireland because of its strong reputation and allow them to migrate funds into Ireland. If a fund wishes to migrate to Ireland, it can also decide to move out. There must be this quid pro quo and balance in place. We are confident that when investment funds are on the lookout for well-regulated locations, Ireland will be seen as a key location because it is competitive and well regulated. Ireland is also situated within Greenwich Mean Time, which is critical, and is English speaking. Ireland can be seen as a link between the EU and the USA and is recognised internationally. We should be very proud of the Irish Financial Services Centre and its international reputation.

The Central Bank and the Financial Regulator, the Companies Registration Office and the Revenue Commissioners were involved in the discussions. We took advice from the key organisations. I assure Senators that these amendments will only enhance what is already a very positive industry in Ireland.