asked the Minister for Industry and Commerce if he made any representations in regard to the recently completed review of the code under which the Takeover Panel operates; if he has satisfied himself with the extent of Irish representation in the workings of the panel; and if he has any proposals to take action in the matter.
Ceisteanna — Questions Oral Answers - Takeover Panel.
64.
I am informed that revisions of the code take place from time to time and, as the Deputy suggests, one has recently been completed. As I was unaware that these reviews were being held, I could not have been in a position to make any representations, even if I wished to do so. I am not aware that any Irish entity participated in the last review.
Preliminary discussions have been held recently between officials of my Department, the panel executive and representatives of the Irish Stock Exchange to discuss, inter alia, the future role of the panel in Ireland, including the extent of Irish representation in the workings of the panel.
With a view to further progressing these discussions, my Department will shortly be seeking the views of the range of local interests concerned in the operation of the City Code, following which more detailed discussion will be undertaken with the panel.
It is my view that discussions can most usefully be held in a less heated atmosphere than exists at this time.
Would the Minister agree that a substantial increase in Irish representation on the panel is necessary if the panel is to continue to deal with Irish takeovers? Secondly, can he confirm that the taking of this review was adverted to in the annual report of the Takeover Panel and how, therefore, can he say that he was unaware of it?
I have not the annual report in front of me, but I shall check what the Deputy says. In relation to the other aspect of his question, the Deputy and the House will be well aware of the comments I made in relation to my views on the exercise of the panel's role in a takeover that is still ongoing. I am not prepared to comment any further at this stage, except to say that there was concern there. That concern prompted the commencement of these discussions. We shall progress them in a less heated atmosphere when this matter is out of the way.
Who created the heat?
Not I.
That disposes of questions, both ordinary and priority, for today.