Vol. 504 No. 5
41 Ms McManus asked the Tánaiste and Minister for Enterprise, Trade and Employment when the promised Director of Corporate Enforcement will be in place; the staff and resources which will be available to the director; and if she will make a statement on the matter. [12207/99]
New legislation will be required before the office of the Director of Corporate Enforcement can be established. My Department is proceeding with the preparation of this legislation as a matter of priority. I would hope that the office of the Director of Corporate Enforcement will be in place during the first half of next year.
A total of 30 people will be employed in the director's office comprising accountancy, legal and administrative expertise. Most of the staff will be new appointments, with a small number of administrative staff transferring from my Department. The net cost to the Exchequer of establishing the office will be around £2.5 million per annum. In addition, the Government has agreed to the allocation of seven members of An Garda Síochána to work with the director's office on criminal investigations and prosecutions.
I look forward to the establishment of the office and believe that it will make an important contribution to improving overall compliance with company law in Ireland.
