Niall Collins (Limerick, Fianna Fail)
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Question 120: To ask the Minister for Jobs, Enterprise and Innovation his position on EU reforms aimed at providing for greater transparency and accountability in the oil and gas industry, specifically his statement made to Transparency International Ireland that it is unconvinced that the EU audit and accounting directive proposals for country-by-country and project-by-project reporting are the best way to achieve its overall objective; and if he will make a statement on the matter. [10495/12]

Richard Bruton (Dublin North Central, Fine Gael)
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I welcome the proposal put forward by the EU Commission for a new Accounting Directive on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings. Chapter 9 of the proposed Directive relates to reporting of payments to Governments by companies in the extractive/logging industries. As I have already publicly indicated, I support the overall objectives of this measure, a position that Ireland maintained at the Competitiveness Council on 20 February, when this matter was discussed. The position taken by Ireland in relation to the proposal to apply these requirements to such payments to Member State Governments was that this matter required further discussion and study.