Alan Shatter (Dublin South, Fine Gael) | Oireachtas source

A decision was made that there was no purpose or need to create a board and we are trying to avoid creating unnecessary quangos and expense for the general public. The insolvency service will have a series of discrete functions delineated in the Bill. It is also important that there is a degree of transparency in the actions of the service. As Senators look through the Bill, they can see that within six months of establishment, the insolvency service must produce a strategic plan that will come to the Minister and be published. There is also provision for it to be laid before each House of the Oireachtas and the plan must be reviewed every three years. There are also provisions for a business plan. In section 16 there is scope for reports by the insolvency service and for it to produce an annual report.

In a sense there will be direct connectivity between the work done by the insolvency service and the Houses of the Oireachtas. With the legislation, if the relevant Oireachtas committee wishes the director of the service to make a presentation and answer questions about its strategic plan and the manner in which the agency operates, it is an option. The decision was made that in this current economic climate, it would be superfluous to create a board with all the infrastructure and secretarial facilities that would go with it. That would have been a waste of public money and there is no purpose in having individuals on a board and being remunerated for that. By having the maximum connectivity between the services and the Houses of the Oireachtas, with a series of mechanisms in place allowing full insight into the strategy being deployed and a business plan, there is transparency that takes in auditing of accounts and a requirement for an annual report. This would meet all the necessary criteria.