We use Google Analytics to see which pages are read and how the site is used, so we know what to improve. This only runs if you accept. See our privacy notice for details.

Seanad
‹ Order of Business

Accountability of accountants

Summary

Senator Barrett stresses the importance of regulating accountants and accountability in company affairs; the Leader notes his Companies Bill amendments and promises a substantial Committee Stage debate.

I join my colleagues in welcoming the Clerk Assistant, Ms Jody Blake back. I commiserate with the Coghlan family and wish Senator Jimmy Harte a speedy recovery.

I wish to be associated with Senator Fidelma Healy Eames's amendment to the Order of Business. We had a most interesting speech on it by the Minister of State, Deputy Kathleen Lynch. I learned far more from her speech than is apparent from the Bill. I compliment her on all her visits to the House. What is at stake is not an issue between both sides of the House. This is how we regulate accounts and one must be concerned about that. Back in 2008, Ms Karen Erwin, the then chairperson of the regulatory body, the Irish Auditing and Accounting Supervisory Authority, commented on the shock to the system which poor accounting standards had imposed, but we have not dealt with that. Rather than changing the way we regulate accounts as a by-product of the Companies (Miscellaneous Provisions) Bill 2013, we should have it up front with a full discussion and the involvement of people such as Professor Brendan Walsh, the current chair of the IAASA and his predecessor, Ms Karen Erwin. There is an amount of redacted material on accounts. In addition, the existing regulatory bodies have failed. Every year, the chartered accountants body has been fined by the IAASA. If the State takes on these functions from the professional accountancy bodies, which is what is being sought, will we be liable? Why have we not got anything back for the €64 billion which the bad accounting of Irish banks failed to discover in the case of Ernst & Young and in the case of Anglo Irish Bank, or any of the other banks either? They were all under investigation. The reports for 2011 have that dreaded phrase "redacted", which I hate. We have to approach the regulation of financial institutions in Ireland in its own context with plenty of time. It is not an issue between both sides of the House. If we let accountants off the hook the public will want to know what Seanad Éireann is doing. They will ask why they voted "No" to the proposed abolition of this House. There are serious issues which the Minister of State, Deputy Kathleen Lynch, highlighted much better than the legislation does. The legislation appears to be fairly benign but the Minister of State's speech is well worth reading. This is an attempt to transfer the burden of regulating accountants from their own professional bodies to us as taxpayers. I have tabled some amendments which we can discuss, if the Leader so wishes. It is such a major point of principle that we should not let bankers or accountants off the hook for the damage they did to this country in 2008.

Comment on this
Paddy Burke An Cathaoirleach Fine Gael

I join in the expressions of good wishes to Senator Jimmy Harte. We wish him well and hope he has a speedy recovery. I also wish to be associated with the vote of sympathy to Senator Eamonn Coghlan on the death of his mother. I welcome back Ms Jody Blake who has brought a sense of calmness to the Chamber today.

Comment on this

Senator Darragh O'Brien referred to motion No. 1. I agree that when it is returned from the joint committee, we should have a debate on the issue.

As regards the health service plan, last Friday was the closing date for the making of submissions to the Minister. I understand he gave the HSE a further ten days to report back to him.

I will update the House on progress on the matter.

With regard to the ECB rate cut and the Minister's view on it, I will inquire whether he proposes to make a statement on the matter. As pointed out by Deputy Darragh O'Brien, it is not the Minister's intention to micromanage the banks. However, I agree that his view on the matter should be sought.

I agree with Senators Bacik and Michael Mullins that the State visit to Britain by the President, Michael D. Higgins, is to be welcomed. It is important in the context of relations between both countries which have regularised and improved in recent years. The visit will I am sure, given the Queen's visit to Ireland, be welcomed by all.

Senator Ivana Bacik also called for a debate on white collar and cyber crime. While we had a debate on this issue recently, I will try to arrange a further one.

Senator David Norris welcomed China's apparent dismantling of the forced labour camps and commented on climate change and the freak weather conditions in recent times in the United States, the Philippines and Sardinia. He also called for a debate on the exit from the bailout programme. I will try to arrange that debate. I hope the Senator's forecast of gloom for the US economy does not transpire for everybody's sake.

Senator Martin Conway raised the issue of presumed consent for organ donations and referred to Mr. Joe Brolly's documentary in this regard. He also called for clarification of the Government's position on this issue and, like Senator Mark Daly, asked about progress on the human tissue Bill. I will ascertain from the Minister when the Bill will be brought before the House.

Senators Ned O'Sullivan and Fidelma Healy Eames raised the issue of the number of unwanted animals roaming the countryside and, in many cases, the cost of disposal of these animals. Senator Ned O'Sullivan mentioned that approximately 24,000 animals had been destroyed last year. I am sure the Minister for Agriculture, Food and the Marine, Deputy Simon Coveney, is well aware of it, but I will bring the matter to his attention.

Senator Mary-Ann O'Brien raised the issue of child pornography and online abuse and the steps being taken in the United Kingdom in this regard. She also asked that the stance of the Government be obtained. I am sure we will follow in the footsteps of the United Kingdom in this regard and hope this will be done sooner rather than later.

Senators Marie Moloney, Diarmuid Wilson and Catherine Noone spoke about Ireland's application to host the Rugby World Cup. It would be excellent in tourism and sporting terms if our bid was successful.

Senator Marie Moloney also referred to problems with the helpline for the payment of property tax and stated that, in some cases, callers were waiting up to 20 minutes for their calls to be answered. I hope that, as indicated by the Senator, she will table the matter for discussion on the Adjournment.

Senator David Cullinane referred to the dispute at Kilmore Quay fisheries over restrictive quotas. The Minister for Agriculture, Food and the Marine, Deputy Simon Coveney, has welcomed the commencement of crucial international negotiations on mackerel quotas in the north-east Atlantic. The negotiations are being hosted by Ireland at the National Seafood Centre in Clonakilty in Senator Denis O'Donovan's constituency. Senator Denis O'Donovan has also raised the issue in the House on several occasions. As mackerel is the single most important stock of fish for the Irish fleet and the value of the international mackerel industry is estimated to be €1 billion annually to the parties, we need to secure agreement at international level on the management arrangements for this stock and all quotas.

I take on board Senator David Cullinane's comments.

Senator Hildegarde Naughton complimented Salerno secondary school in Galway on an EU project and also Waterford Comhairle na nÓg, representatives of which appeared before a committee of the House to discuss the issue of cyberbullying.

Senator Mark Daly spoke about legislation to ban smoking in cars. I understand the Department of Health is seeking legal advice on one outstanding issue to do with the Bill. I agree that progress has been less than satisfactory and will urge the Department to make progress on the Bill as a matter of urgency. When the Minister came to the House, he said he fully supported the legislation. I cannot understand why advice on one issue is still outstanding after such a length of time. I will certainly bring the matter to the Minister's attention. I have spoken about the human tissue Bill and will receive an update on that matter for the Senator.

Senator Aideen Hayden spoke about ghost estates, the number of which has reduced from 1,800 to 1,300, which indicates that progress has been made. She also sought a report on the balance of levies raised and in the possession of local authorities. I will ask the Minister of State, Deputy Jan O'Sullivan, to come to the House to address the matter and also another angle referred to by Senator Marlie-Louise O'Donnell regarding the accountability of engineers, architects, legal professionals and others who signed off on many of the houses in question. When the Minister of State is in the House, I hope these matters will be addressed. I fully agree with Senator Marie-Louise O'Donnell's sentiments.

In response to Senators Fidelma Healy Eames and Paul Coghlan, the Bill before us this week is the Companies (Miscellaneous Provisions) Bill 2013, not the Companies Bill. This is a small specific Bill to which a number of amendments have been tabled. The Companies Bill will be brought before us in the new year and may be introduced as a Seanad Bill, to the best of my knowledge. I am sure there will be significant briefings on the other Bill, the large Bill to which Senator Fidelma Healy Eames was alluding. I ask her to withdraw her amendment to the Order of Business because I believe there was a slight mix-up between the two Bills.

Comment on this