Pearse Doherty (Donegal South West, Sinn Fein)
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Yes, and I agree with the Minister of State's point on the beefing up of regulatory provisions, which has happened in the past number of years. That is welcome. However, with human nature being what it is, regulators will identify problem areas and try to prevent them but they cannot stop them. They can help to prevent them. We are exempting a trustee from liability in law but we are using terms such as "degree of care" and "diligence required", which are not defined in legislation. It is a big issue as a regulator may try to prevent this happening; there are provisions whereby a party is not exempted if he or she is in breach of the degree of care or diligence required. There is no clear way to show how this could be the case so there will be cases where people could be in breach of their degree of care and diligence required and be able to avail of this section because we have not properly defined those terms.