Feargal Quinn (Independent)

I fully understand Senator O'Malley's motivation. All of us, including, I believe, the Minister of State, share her concerns. When I introduced the Bill in May 2010 I indicated I wanted certainty in four areas, namely, timing, amount, enforcement and security with regard to cash. While I accept that certainty has not been achieved in respect of the fourth area, I am aware that the Department is anxious to find a solution. When we attempted to address the issue by means of bonds a number of difficulties arose. As Senator O'Malley indicated, it is imperative that we find a solution and I will be disappointed if we do not find one in the months before the Bill becomes law.

Companies about to embark on work must have some proof that cash is available to pay for their work. There is a danger, however, that it could prove very expensive for smaller contractors to show they have cash available. Given that they will not easily obtain money from their banks, a provision on bonds could stifle development, jobs and entrepreneurship. This is a challenge we should be able to overcome and I will be disappointed if a way has not been found to ensure cash is secure before the legislation is enacted. Such a change will be essential if the legislation is to work. While a solution has not yet been found, I hope one will be found in the coming weeks or months.