Gerry Horkan (Fianna Fail) | Oireachtas source

This scheme has merit and there is a benefit to it. It is important that companies grow and manage to attract staff. As Senator Kieran O'Donnell outlined, people can and will be poached and there has to be a reason or incentive for them to stay. Companies do share option schemes all the time and there is often a very delayed mechanism so that people are incentivised to stay. We are very heavily reliant on the foreign direct investment sector in this country. We very much appreciate these companies and the corporation tax receipts that come from them.

We can all acknowledge, however, that it would be no harm at all if we were to have more Irish-owned and Irish-based multinationals, companies that started and grew in Ireland like the Kerry Group, Smurfit and Roadstone - the more the better. There needs to be a way in which companies can retain key important individuals. Be it in schools, business or industry, we all know how important such key figures are. I am thinking of Michael O'Leary in Ryanair, for example, and many others.

This whole scheme is about such key employees and how we can try to get them to stay so that those businesses can grow and generate tax receipts to help the disadvantaged and those who are less well-off. This scheme, then, is worth doing but I think it important that we keep an eye on it and make sure that it is not exposed. I have no doubt but that that is also the Government's intention here. It is not the intention of this scheme to allow high net worth individuals to make a fortune without paying any tax on it. I am sure that the Minister of State will confirm that this is not what it is for, and I ask him to confirm that. Its purpose, rather, is to retain staff in companies so that they do not get poached by the big boys and so that small companies get a chance to grow.

We all remember when Ryanair was a small company and Aer Lingus was huge. Ryanair needed a bit of help at the time and it got it when certain Ministers stopped Aer Lingus from flying certain routes so as to give Ryanair a bit of a chance. Where are we now? It is important that we give employees reasons to stay in companies so as to help those companies grow and generate the tax receipts that help everybody. It is important that we implement this scheme, although I certainly take Senator Higgins's concerns on board.

At this point, a Chathaoirligh, I would note that we are on section 10 of 87 and still on No. 3 of 15 recommendations. We have an hour to get through the lot so perhaps we all need to focus on that. We could have more time, of course, and I am sure that we can be here until Christmas Eve if we have to, but I think we need to move this on as best we can.