Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Absolutely. It should be done but on a non-statutory basis and I believe it will be quite effective on a non-statutory basis. If it is put on a statutory basis we could end up with a credit union trying to take the Central Bank to court or something like that. Given what we have seen in the financial services industry in the past, the Central Bank, as regulator, must be able to move, and move speedily, if there is a crisis.