Paschal Mooney (Fianna Fail)

I am not sure whether my query relates to the amendment of this section. I also pay tribute to Senator Quinn, Sean Gallagher and many people like him whose companies who have suffered as a result of this gap in the legislation. I also pay tribute to the outgoing Government. When Senator Quinn first brought this before the House as a published Bill, he received a commitment from the outgoing Minister for Finance, Deputy Brian Lenihan, that within six months of the date of the passing of Second Stage it would be introduced back into this House. The timetable has slipped a little and Senator Quinn has indicated he is very pleased we have been brought back into the House today while still under the current Administration and as the hours slip away. That is not only relevant but also important and significant. It might be helpful to know where the Bill will go to after today.

I am curious about one aspect although I am sure it applies to the amendment of this section. There is great concern that this Bill will not apply retrospectively and is in a way closing the stable door after the horse has bolted. If passed, some flexibility must be built into it, therefore, to address the financial difficulties and disasters that befell subcontractors. Not all subcontractors are big companies. Some are small companies, sole traders or family businesses.

Section 2 in the legislation as initiated states that the term "relevant payment date" "shall have the meaning assigned to it in the European Communities (Late Payments in Commercial Transactions) Regulations, 2002". In regard to section 3-----