Seán Haughey (Dublin North Central, Fianna Fail)

Questions were asked about investment advice fees. According to our information, the alliance secured the best advice available regarding its investment of Government funds. An examination carried out by the Department some years ago showed that the returns received were as good as those achieved by a number of pension funds. It must be acknowledged that the reduction in the fund's nominal value was due to the poor investment climate that affected funds generally. All of us would accept this as being the case.

Senator Quinn put the cat among the pigeons, if I may say so, and questioned the wisdom of providing in the legislation for €20 million over five years, given the current fiscal constraints. I recognise his concern in this regard. However, in the present climate it is likely the expenditure will be spread over a longer period then five years. Our commitment is to match the funding to be raised by the US-Ireland Alliance, up to a limit of €20 million and subject to a cap of €4 million in any one year. I emphasise that this is a strategic investment and that there will be a direct financial benefit to the Irish economy. In addition, we expect that the scholars' period of study in Ireland will create an enduring legacy of goodwill towards Ireland and be of significant benefit in the future.

Ms Trina Vargo has indicated on a number of occasions that the Mitchell scholarship scheme has heightened the profile of Irish higher education in the United States. This has, in turn, attracted US students, who might otherwise have chosen another destination, to come to study in Ireland. There have been instances of students who failed to secure a Mitchell scholarship but still decided to come to Ireland to study at their own expense. That is significant.

Senator Norris mentioned the geographical imbalance between the North and South of Ireland. All third level institutions, both universities and ITs, in the Republic and in Northern Ireland are included. There is also the aspect of the students' choice of what college they wish to attend. It is the students who decide which college they wish to attend. Other Senators also made reference to that question.

We have had a good discussion. I welcome the broad support for the Bill. I associate myself with the remarks of a number of Senators with regard to the changing nature of the relationship between Ireland and the United States. Senator Healy-Eames opened her contribution in that vein. We all recognise that the nature of the relationship has changed. That has been clearly set out in the document, Ireland and America: Challenges and Opportunities in a New Context, which was published in 2009.

I also wish to be associated with the words of encouragement and support for Ms Trina Vargo and Senator George Mitchell and for the role played by the late Senator Edward Kennedy in relations between the United States and Ireland.