Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The powers that we are proposing to give to the Central Bank can be applied to the intermediary. The Central Bank does not have a direct relationship with many of those funds, because they are not regulated in Ireland.

The Central Bank powers will apply to the intermediary, and that can be of benefit to the consumer. There is a gap, however. It is a gap that can be traced back to last year's legislation. The Central Bank was of the view that the funds themselves should be regulated. The Department and Minister took a different view and just brought the intermediaries within the scope of regulation. To my mind, what I refer to is an anomaly that should be addressed. This Bill will apply to the regulated entity, which will be the intermediary.