Senator FitzGerald is ill in hospital at the moment and we have an apology for his absence. I feel a bit reluctant to deal with his draft reports in his absence, though perhaps two of them might be cleared. They are fairly urgent and I think there was general agreement on them in Sub-Committee. The first is the draft report on Group Accounts. Perhaps we could table that report first because there is very little disagreement about it.
We do not want to depart from the holding company type of arrangement that exists both here and in the UK. The European member states want it done their way that is you have an overall board making decisions for the entire group rather than a holding company arrangement. It might involve the various companies here and the country in considerable expense and inconvenience if we accept it their way. Therefore we are sticking to our view. There is nothing apparently in the Treaty of Rome compelling uniformity in this way. I do not know whether any Members wish to express views on this draft report but there was general agreement in the Sub-Committee.
